Egypt blue chips in the red on Sunday as locals sell

Ahram Online, Sunday 9 Nov 2014

Main index down 0.5% as Egyptian investors, accounting for 90% of activity, are net-sellers

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

Egypt's bourse continued to fall on Sunday as Egyptian investors were net-sellers following large gains in the past couple of weeks.

The main EGX30 index fell 0.51 percent to close at 9,373 points, while the broader EGX70 index rose 1.75 percent.

Last Tuesday, the index reached 9,530 points, its highest in three weeks, before sliding mid-week due to profit-taking. 

Total turnover for the session was low, at LE533 million.

Egyptian investors, who accounted for over 90 percent of market activity were net-sellers for LE7.5 million, followed by non-Arab foreigners for LE1 million, while Arab investors net-bought LE8.5 million worth of shares.

The majority of blue chips were in the red, with Orascom Telecom Media and Technology Holding leading the EGX30 in terms of turnover, with a value of LE120.7 million, and falling 1.50 percent to LE1.31.

Telecom Egypt was also among the most traded stocks, rising 1.48 percent to LE15.08, and Global Telecom Holding also rose 0.87 percent to LE4.65.

Palm Hills Development Company, the third most traded share, was down 0.93 percent to LE4.28 despite reporting a 152 percent jump in net-profit during Q3 2015.

The company recorded net profits of LE129.7 million ($18.1 million) in the three months ending 30 September compared to LE51.5 million ($7.2 million) in the same period last year.

The property developer also announced that Aabar Investments, a subsidiary of the United Arab Emirates' sovereign wealth fund, acquired a 5.1 percent stake in the company.

Developer TMG Holding was also down, by 0.58 percent to LE10.35, and Six of October Development and Investment (SODIC) slid 1.17 percent to LE16.04.

Market bellwether Commercial International Bank dipped 0.46 percent to LE50.10, while Cairo-based investment bank EFG-Hermes fell 1.72 percent to LE17. 16.

Industrial heavyweight Ezz Steel dropped 0.24 percent to close at LE16.73.

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