Egypt stocks down amid first trading of Arabian Cement Co

Ahram Online, Sunday 18 May 2014

Egypt's market saw a slight dip Sunday, though Arabian Cement did well on its first trading day, rising 15.4 percent

Egyptian stock exchange
A general view of the Egyptian stock exchange in Cairo (Photo: Reuters)

Egypt’s stocks started the week down as the market’s benchmark EGX30 slipped 0.2 percent recording 8,532 points, coinciding with the first trading of the Arabian Cement Company.

Arabian Cement is the first company to list in the Egyptian Stock Exchange since the popular uprising in 2011 toppled former president Hosni Mubarak.

The share closed with the most gains Sunday, hitting a whopping 15.4 percent rise and recording LE10.3 per share.

The broader EGX70 index fell 0.5 percent in a session that saw significant total daily turnover of listed securities of LE960.6 million.

Domestic investors were net sellers of some LE702.200, while foreigners ended the session as net buyers of some LE22.3 million.

Egypt’s largest listed bank, Commercial International Bank (CIB), closed on positive note, rising a slight 0.1 percent, registering LE37.7 per share.

Real estate developers headed down, led by Talaat Mustafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) shedding 0.5 percent, 0.8 percent and 0.2 percent to close at LE9.3 per share, LE4.4 per share and LE26.8 per share respectively.

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