Egypt's stocks slightly fall despite telecoms gains

Ahram Online, Wednesday 5 Nov 2014

The telecom industry managed to make gains thanks to this week's international information and communications exhibition

The Egyptian stock market (Photo:Reuters)

Egypt's stocks slightly fell on Wednesday after crossing the 9,500 threshold the prior session and despite significant gains in the telecommunications sector.

Benchmark index, EGX30, dropped 0.36 percent to 9,496 points and daily stock turnover registered LE856.5 million.

Non-Arab foreign investors were net sellers to the tune of LE12.4 million.

Blue chip, Commercial International Bank (CIB), inched down 0.35 percent to LE50.93 per share.

However, the telecommunications sector still managed to achieve significant gains thanks to Egypt hosting an international information and communications exhibition from 4 to 7 November.

Telecom Egypt, the second biggest market cap, gained 3 percent to LE14.8 per share.

Global Telecom Holding (GTH), climbed 2.86 percent to LE4.64 per share and Orascom Telecom Media and Technology Company (OTMT) inched up 0.78 percent to LE1.32 per share.

Real estate developer, Talaat Moustafa Group (TMG) holding fell 1.4 percent to LE10.41 per share and Madinet Nasr Housing inched down 0.6 percent to LE42.63 per share.

Palm Hills for Development (PHD) company dropped 1.61 percent to LE4.26 per share and Six of October for Development and Investment Company (SODIC) fell 1.38 percent to LE16.32 per share.

Broader index, EGX70, dipped 0.11 percent.

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