Leading shares push Egyptian bourse downward

Ahram Online, Wednesday 1 Oct 2014

Main sectors of the Egyptian stock market decline on Wednesday, causing the benchmark index to lose 0.65 percent

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

Following two days of gains, Egyptian stocks plunged again on Wednesday with the benchmark index EGX30 loosing 0.65 percent to 9,747 points.

Turnover of traded shares was weak during the penultimate session ahead of Eid Al-Adha Muslim feast long holiday at LE375.5 million ($52.8 million).

Egyptian and Arab investors were net-buyers, recording a net flow of LE10.2 million and LE4 million respectively, while foreigners were net sellers. 

The market's leading sectors, telecommunications, banks, real estate and financial services, all declined.

Market bellwether Commercial International Bank (CIB) lost 0.61 percent, closing at LE50.56. Other big caps Global Telecom Holding and Telecom Egypt lost 0.39 percent to LE5.05 and 1.53 percent to LE13.54 respectively.

TMG Holding, the leading company of the real estate sector, lost 1.57 percent to LE11.27, while Six of October Development and Investment (SODIC) lost 5.49 percent to LE17.04, reversing last's session spectacular gains of 8.35 percent.

Egyptian Financial Group-Hermes Holding Company lost 0.32 percent to close at LE18.54 after news that the company had bought a 49 percent stake in prominent French wind energy company.

Out of 163 stocks listed during the day, 67 declined, 67 gained while 26 remained unchanged.

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