Egypt's stocks dwindle; shrug Q3 results

Ahram Online, Wednesday 12 Nov 2014

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

Egypt's stocks dwindled on Wednesday as companies announced their third quarter financial results.

Benchmark index, EGX30, declined 1.55 percent to sit at 9,345 points and daily stock turnover registered LE712.6 million.

Non-Arab foreign investors were net buyers in the tune of LE36.7 million while Arab investors were net sellers to the tune of LE22.6 million.

Market bellwether, Commercial International Bank (CIB), fell 1.69 percent to LE49.15 per share despite reporting a 5.6 percent rise in net profits in the third quarter.

State-run Telecom Egypt dropped 1 percent to LE14.65 per share following the announcement of its third quarter profit dip.

TE posted a 61 percent decline in its third quarter profits compared to the same period last year.

Telecommunications also saw Global Telecom Holding (GTH) and Orascom Telecom Media and Technology Holding (OTMTH) make losses, dropping 4.34 percent to LE4.35 per share and xx percent to LExx per share respectively.

Egypt's leading investment bank, EFG-Hermes, decreased 2.27 percent to LE1.26 per share. The financial company's profits increased 24 percent in the period ending 30 September.

Real Estate developer Six of October for Development and Investment Company (SODIC) was the only gainer in its sector, rising 0.75 percent to LE15.85 per share. SODIC reported 37.4 percent rise in its third quarter profits.

Real estate developer Talaat Moustafa Group (TMG) Company declined 1.61 percent to LE10.21 per share and Palm Hills for Development (PHD) fell 2.24 percent to LE4.36 per share despite reporting a 152 percent jump in profits earlier this week.

Car assembler and distributor Ghabbour Auto (GB Auto) gained 0.76 percent to LE33 per share after reporting a 254 percent jump in its third quarter profits.

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