Egyptian stocks slide on profit taking

Ahram Online, Monday 24 Nov 2014

Most shares decline on profit taking, reversing Sunday's gains

Egyptian stock market
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)

Egyptian stocks declined on Monday as Arab investors sold. The benchmark EGX30 index lost 1.27 percent to record 9,156 points.

Arab investors were net sellers to the tune of LE34.5 million (around $5 million), while Egyptian and non-Arab foreign investors were net buyers.

The market started the week in the green but slowed down on profit taking as the most active shares declined.

Market bellwether Commercial International Bank (Egypt) lost 1.11 percent to LE48.94.

Other big caps Telecom Egypt and Global Telecom Holding lost 1.95 percent to LE14.09 and 2.86 percent to LE4.08 respectively.

The largest listed property developer, TMG Holding, lost 2.42 percent to close at LE10.06.

Egyptian Financial Group-Hermes Holding Company fell 0.6 percent to LE18.23.

Real estate company Amer Group gained 1.5 percent to LE1.35.

Amer Group shares gained 4.7 percent on Sunday after it announced plans to split into two companies in an attempt to create more opportunities for its development business and boost trading in its shares.

Daily stock turnover recorded LE 612,3 million ($86.2 million).

Out of 185 stocks listed during the day, 145 declined and 22 gained in value.

The broader index EGX70 fell 2.21 percent.

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