Egypt stocks end week in red amid profit-taking

Ahram Online, Thursday 25 Sep 2014

Local net-sellers seek to cash-in on recent gains in EGX30 real estate stocks; Ezz Steel slips after poor H1 results

Egyptian Stock Exchange
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)

Egypt’s main index slid another 0.22 percent on Thursday to close at 9,697 points amid weak turnover. 

Egyptians were net-sellers for LE21.3 million ($3 million), while non-Arab foreign investors, who accounted for some 20 percent of market activity, were the net-buyers to the tune of LE22.3 million ($3.18 million).

Local selling was driven by profit-taking, particularly on real estate stocks, Hassan Kinawy, Head of the Local Institutions Desk at HC Brokerage, told Ahram Online.

Medinet Nasr Housing fell 0.78 percent to LE47.03, Six of October for Development and Investment Company (SODIC) slid 1.17 percent to LE46.56, and TMG Holding fell 0.43 percent to LE11.47.

Ezz Steel, Egypt’s largest steel maker, saw its share price drop 1.02 percent after it reported on Thursday a net loss of LE176 million ($25 million) in its H1 2014 consolidated results, compared to a net comparative profit of LE302 million ($43 million) in the same period of the previous year.

In the telecoms sector, Telecom Egypt fell 0.62 percent to close at LE14.32 while Global Telecom Holding dropped 0.40 percent to LE 5.04.

Commercial International Bank (CIB) bucked the trend however, inching up by 0.10 percent to LE49.73.

Total turnover for the session registered a modest LE532 million ($76 million). 

The broader EGX70 was up 0.07 percent. 

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