Egyptian market inches down amid foreign selling

Ahram Online, Wednesday 8 Oct 2014

Stock market down as biggest market caps trade in the red after five-day holiday

Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)

The Egyptian stock market inched down on Wednesday, the first session after the Eid El-Adha holiday. The benchmark EGX30 index lost 1.43 percent on Wednesday, to close at 9,587 points.

During the first session after a five-day holiday, Egyptian and Arab investors were net-buyers recording a net flow of LE68.4 million ($9.6 million) and LE55.5 million ($7.8 million) respectively, while non-Arab foreigners were net-sellers.

Turnover was relatively low at LE594 million ($83 million).

Market bellwether Commercial International Bank (CIB) fell 1.77 percent to LE48.84.

Other big caps Global Telecom Holding and Telecom Egypt lost 0.8 percent to LE4.97 and 0.74 percent to LE13.47 respectively.

Cairo-investment bank EFG-Hermes saw a considerable drop of 2.77 percent to LE17.88 and Pioneers Holding, another leading financial services firm, lost 1.63 percent to close at LE13.9. 

The real estate sector also traded in the red with the largest listed property developer TMG Holding losing 2.48 percent to LE11.01. Two other real estate firms, Medinet Nasr Housing and Heliopolis Housing, lost 1.19 percent to LE45.71 and 2.42 percent to LE62.45 respectively.

Ezz Steel inched down 2.38 percent to LE18.05.

Out of 178 stocks listed on the day, 96 declined and 59 gained in value.

The broader EGX70 rose 0.35 percent.

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