Egyptian bourse slides once more on profit-taking

Ahram Online, Sunday 29 Sep 2013

Egyptian stocks have shown little movement since reaching record highs last week

The Egyptian Stock Exchange
The Egyptian Stock Exchange in Cairo. (Photo: Reuters)

Egypt's main EGX30 index was back in the red on Sunday, shedding 0.64 percent to land at 5,667 points due to profit-taking by investors.
Last week, the index hit a six-month high after the Central Bank of Egypt cut interest rates by 50 basis points in response to easing inflation.

Since then, stocks have engaged in a sideways movement as they hover around the resistance level of 5,700 points. The trend which is likely to continue in the coming period, Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Egyptian and non-Arab foreign investors were the net-sellers of the session, while Arabs were net-buyers, to the tune of LE7.6 million.
Turnover of listed stocks ended the session at LE489.8 million.

The majority of EGX30 shares were decliners, including market bellwether Commercial International Bank, which fell 0.47 percent, and leading investment bank Egyptian Financial Group-Hermes, which slid 0.77 percent.

Global Telecom Holding, formerly Orascom Telecom Holding, dropped 1.56 percent.

Property shares Palm Hills Development Company and TMG Holding shed 1.23 percent and 1.17 percent, respectively, while Six of October Development and Investment fell 0.35 percent.

The broader EGX70 index dropped 0.44 percent.

Search Keywords:
Short link: