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Egypt stocks down on profit-taking Wednesday

Egypt's EGX30 sheds 0.12 pct after two sessions of gains as investors seek short-term profits

Ahram Online, Wednesday 16 Jul 2014
Egypt Stock Market
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)

Egypt's benchmark EGX30 index slid slightly Wednesday on profit-taking after two consecutive sessions in the green.

The EGX30 shed 0.12 percent to sit at 8,593 points as daily turnover dropped slightly to LE524 million.

The market had been buoyed earlier in the week by reports of Dubai-based Abraaj Capital's plans to acquire Egypt's Amoun Pharmaceutical Company — in a deal estimated to be worth up to $800 million — as well as a 51 percent stake in local confectionary maker Bisco Misr, an analyst at a Cairo-based invesment firm told Ahram Online.

Non-Arab foreign investors, who accounted for 19 percent of market activity, continued to be net-buyers at the tune of LE24.6 million, while Egyptian and Arab investors were net-sellers.

Palm Hills Development Company was the most active share with a turnover of LE41.6 million, falling 0.24 percent to trade at LE4.22 a share.

Other real estate shares were up, as Six of October for Development and Investment Company (SODIC) rose 0.65 percent to LE38.96 and Talaat Mustafa Group Holding gained 0.85 percent to trade at LE9.45.

Orascom Telecom Media and Technology Holding (OTMT) fell 0.78 percent to trade at LE1.27.

Telecom Egypt fell 0.73 percent to trade at LE8.13 a share.

EFG-Hermes was up 1.13 percent to trade at LE15.18.

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