Last Update 22:31
Thursday, 29 July 2021

Egypt main index dragged down by foreign selling of blue chips

EGX30 down 0.19% as market bellwether CIB sheds 1.62% as foreign investors seek to cash-in on recent gains

Ahram Online , Thursday 2 Oct 2014
stock market
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)

Egypt's main index inched down by 0.19 percent or 9,727 points in the last session before the market closes for holiday.

Non-Arab foreign investors were net-sellers in the session, for LE72.3 million ($10.3 million), while Egyptians were net-buyers for LE71.2 million ($10.1), followed by Arab investors for LE1.1 million ($157,000).

Market bellwether Commercial International Bank (CIB) fell 1.62 percent to LE49.72, as foreign shareholders sought to cash-in on recent gains, which saw the share trade for as high as LE51.25 in the past month, Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

"Foreign investors have been net-buyers for LE1.75 billion in the past quarter," said Fathy, "it is therefore expected that there will be profit-taking on shares like CIB which have made significant gains in this period."

"But CIB is expected to rebound after next week's holiday", said Fathy.

Egypt's bourse will be closed from Sunday 4 October to Tuesday the 7th, for the Eid Al-Adha Islamic Holiday and Egypt's national 6 October celebrations.

Total turnover of listed stocks was weak as usual ahead of the holidays, not surpassing LE511million ($73 million).

Cairo-investment bank EFG-Hermes saw its share price drop an additional 0.54 percent to LE18.39, after recently trading at a high of LE19.90.

The real estate sector was active and in the green however, with largest listed property developer TMG Holding achieving the second highest turnover in the index after CIB and rising 0.18 percent to LE11.29.

Heliopolis Housing and Palm Hills Development Company were third and fourth in terms of turnover, rising 1.65 percent and 0.93 percent to trade for LE64 and LE4.32, respectively.

Heliopolis Housing reported on Thursday achieving a net profit of LE183.9 million ($26.1 million) for the fiscal year ended on 30 June 2014, up from LE135.5 million ($19.3 million) in the previous year.

Six of October Development and Investment Company (SODIC) rose 0.82 percent to LE17.16.

In the telecoms sector, Global Telecom Holding fell 0.79 percent to LE5.01 while Telecom Egypt climbed 0.22 percent to LE13.57.

The broader EGX70 rose 1.19 percent.

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