Egypt stocks end week in the red marking end of rebound

Ahram Online, Thursday 13 Nov 2014

EGX30 falls 0.91% to 9,260 points in second day of profit-taking after hitting 9,500 peak on Tuesday

Egyptian stock exchange
Egyptian stock exchange in Cairo (Photo: Reuters)

Egypt's blue chips continued to slide on Thursday, as the main index dropped 0.91 percent to close at 9,260 points, while the broader EGX70 index rose 0.45 percent.

The main index has been sliding on profit-taking since it hit 9,500 points last Tuesday.

"This was the peak of the rebound we had seen in the past weeks, after the global market correction in early October," Mohamed Radwan, head of equities at Pharos Holding, told Ahram Online.

Radwan expects the index to keep trading sideways until the end of the calendar year.

The session started with an aggressive sell-off to reach 9,221 points, but stocks rebounded slightly in the second half.

Egyptian investors were the net-sellers, to the tune of LE16.2 million, while non-Arab foreign investors were the main net-buyers, for LE16 million.

Orascom Telecom Media and Technology Holding (OTMT) accounted for 27 percent of the turnover value in the main index, falling 1.55 percent to close at LE1.27 percent.

Market bellwether Commercial International Bank (CIB) saw its share price fall 1 percent to LE49.52.

Property developer TMG Holding was down 1.16 percent to LE10.25. The company reported a 40 percent rise in net profits after tax year-on-year for the quarter ending in September.

Palm Hills Development Company saw its share price fall 0.92 percent to LE4.33, and Six of October Development and Investment (SODIC) slid 1.98 percent to LE15.82.

In the telecoms sector, Telecom Egypt fell 1.08 percent to LE14.71, while Global Telecom Holding dropped 1.81 percent to LE4.33.

Ezz Steel was down 1.01 percent to LE16.72.

Cairo-based investment bank EFG-Hermes bucked the trend, rising 1.54 percent to LE17.75 while achieving the fifth highest turnover in the index.

Total turnover of listed stocks for the session exceeded LE605 million.

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