Egypt's stocks in red after sluggish start to week

Ahram Online, Sunday 22 Jun 2014

Most of the main index's listed heavyweights fell on Sunday due to institutional sales, with leading telecom and real estate shares all slipping

Egypt's stocks started the trading week in red on Sunday, as all institutions domestic and foreign tended to sell shares in a flat-performance session.

The market's benchmark EGX30 slipped 0.3 percent to record 8,315 points, as most of the listed heavyweight shares declined due to institutional sales.

Domestic investors were net buyers of LE7.9 million, thanks to individuals' buyouts, while foreigners sold some LE10.6 million worth of shares.

The broader index EGX70 inched up 0.1 percent in a session that saw a modest total daily turnover of listed securities worth LE397 million.

The market's blue chip Commercial International Bank (CIB) went down 0.9 percent to close at LE36.28 per share.

Prominent telecom shares Telecom Egypt and Global Telecom dipped 0.3 percent and 0.5 percent to register LE13.30 and LE5.36 per share respectively.

Listed real estate developers all tumbled, led by Talaat Mostafa Group (TMG) which shrank 0.4 percent to close at LE8.80 per share.

Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) lost 0.9 percent and 2.3 percent to register LE4.20 and LE32 per share respectively.

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