Egypt's main index down on profit making

Ahram Online, Sunday 15 Jun 2014

Benchmark index down 1.05 percent, ahead of income distribution at the end of the month, says an analyst

Egypt's stocks opened the week in the red on Sunday as investors sought profits.

The benchmark index EGX30 fell 1.05 percent to record 8,654 points while the broader index EGX70 inched down 0.13 percent.

"The main index fell as investors were making profits and as institutions were selling ahead of income distribution at the end of the month," Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

Daily turnover of listed stock registered LE642 million.

Non-Arab foreign investors were net sellers to the tune of LE11 million, contributing a mere 5 percent of trade activity.

Only five shares in the EGX30 were in the green. Egyptian Financial Group Hermes (EFG-Hermes) and ELSWEDY Electric rose 0.13 percent to LE15.4 per share and 2.79 percent to LE36.78 per share, respectively.

Orascom Telecom Media and Technology Holding (OTMTH) fell 0.74 percent to LE1.35 per share while Global Telecom Holding (GTH) dropped 0.88 percent to LE5.59 per share.

Six of October Development and Investment Company (SODIC) went down 0.83 percent to LE31.9 per share, Talaat Mostafa Group (TMG) company fell 2.29 percent to LE9.4 per share and Palm Hills holding (PH) decreased 2.42 percent to LE4.42 per share.


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