Egypt's stocks start week in the red amid low turnover

Ahram Online, Sunday 28 Sep 2014

EGX30 down almost 1% as total turnover drops to LE344 million ahead of two upcoming holidays next week

stock market
The Egyptian stock market (Photo:Reuters)

Egypt's main index dipped by 0.97 percent on Sunday to close at 9,603 points amid low trading volumes.

Egyptian and Arab investors were net-buyers, while other foreigners representing 9 percent of the market were net-sellers to the tune of LE19.7 million.

Total turnover of listed stocks was low, standing at LE344 million, a sign that investors are waiting for the market to rebound from the current phase of profit-taking, Hassan Kinawy, head of the Local Institutions Desk at HC Brokerage, told Ahram Online.

"If this rebound happens, it will not be until after the holidays," said Kinawy, referring to two holidays next week, 6 October and Eid Al-Adha – the first a national holiday to commemorate the military and the other an annual Islamic feast.

The bourse will be closed from Sunday 5 October to Tuesday 7 October, with trading resuming on Wednesday.

The majority of EGX30's stocks were in the red, with Medinet Nasr Housing falling 2.19 percent to trade at LE46.

Six of October Development and Investment Company (SODIC) shed 1.98 percent of its share price to trade at LE45.64 and Palm Hills Development Company dropped 1.84 percent to LE4.27.

The largest-listed property developer TMG Holding fell 0.70 percent to LE11.39.

Market bellwether Commercial International Bank (CIB) slid 0.74 percent to trade for LE49.36.

Telecom Egypt fell 1.26 percent to trade for LE14.14, while Global Telecom Holding dropped 0.99 percent to LE4.99.

Cairo-based investment bank EFG-Hermes fell 0.53 percent to LE18.69.

The broader EGX70 index inched up 0.07 percent.

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