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Egypt's main index down on profit making

Benchmark index down 0.39 percent with modest turnover after last week's record-setting performance as investors seek profits

Ahram Online, Sunday 10 Aug 2014
Egyptian stock market
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)

Egypt's stocks started the week in the red as investors sought profits following last week's record gains.

The benchmark index EGX30 declined 0.39 percent to record 9,117 points on Sunday as daily stock turnover registered LE433 million.

"The index fell as investors were making profits as they were discouraged by the low turnover," Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce,  told Ahram Online.

Egypt's main index achieved record levels last week, reaching 9,152 points, the highest level in six years, following the announcement of a new national project in the Suez Canal by the country's President Abdel-Fattah El-Sisi.

Non-Arab foreign investors continued as net buyers to the tune of LE27.7 million while Egyptian investors were net sellers to the tune of LE14 million.

Only a third of traded stocks were in the green while half were decliners.

The most significant decliners were Heliopolis Housing, Egyptian Financial Group-Hermes (EFG-Hermes), Amer Group Holding, Talaat Moustafa Group (TMG) holding and Ezz Steel.

Heliopolis Housing dropped 1.65 percent to LE52.4 per share, EFG-Hermes declined 1.45 percent to LE16.93 per share, Amer Group was down 1.41 percent to LE1.4 per share, TMG decreased 1.22 percent to LE9.74 per share and Ezz Steel fell 0.9 percent to LE17.66 per share.

Sidi Kerir Pharmaceuticals, Juhayna Food Industries and Global Telecom Holding were able to achieve gains, rising 1.55 percent to LE19.85 per share, 0.97 percent to LE10.4 per share and 0.2 percent to LE5 per share respectively.


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