Stocks slip at Egypt's Bourse as turnover weakens

Ahram Online, Sunday 16 Nov 2014

Orascom Telecom and Technology was the most active share of the day, recording a turnover of LE69.8 million

Egyptian stock exchange
Traders work at Egypt’s Stock Exchange in Cairo (Photo: Reuters)

Egyptian stocks remained largely unchanged on Sunday with turnover rate registering a low level of LE449.6 million ($62.8m).

The main EGX30 index dropped 0.32 percent to sit at 9,230.5 points with cumulative increase since 2014 registering 36 percent.

Market bellwether Commercial International Bank, Egypt's largest listed bank, dropped 0.83 percent to close at LE49.11 per share. It saw LE22.8 million in turnover.

Landline monopoly, Telecom Egypt dropped 2.52 percent, but at a turnover of just LE5.4 million. Global Telecom Holding fell 1.15 percent.

Orascom Telecom Media and Technology Holding was today's most active share, recording a turnover of LE69.8 million. The share price grew 0.79 to close at LE1.28. The company reported a net loss of LE72.6 million ($10.2 million) in the third quarter, compared with a loss of LE248.3 million a year ago.

EFG-Hermes, Egypt's largest investment bank, was nearly unchanged today. It posted a 57.4 percent year-on-year increase in third-quarter net profit after minority interest last week.


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