Egypt stocks tumble on profit-taking, Arab sell-off

Ahram Online , Tuesday 8 Dec 2015

A trader works during Egypt's stock exchange in Cairo, Egypt Wednesday, March 23, 2011 (AP)

Egypt stocks fell sharply on Tuesday after an aggressive sell-off by Arab investors in the market in response to falling oil prices.

The main index fell 2.51 percent to 6608 points as investors sought to reap profits in the wake of a consecutive four-session rally which came to a halt on Monday, Wafik Dawood, portfolio manager at Compass Capital, told Ahram Online.

Negative sentiment among Arab investors due to falling oil prices contributed to the selling pressure, said Dawood.

Saudi and other Gulf stocks slid on Tuesday as oil prices failed to rebound from a seven-year low reached on Monday.

Arab investors were the main net-sellers to the tune of LE44.9 million, followed by other foreign investors, while local investors were net-buyers for LE45.4 million.

Almost all EGX30 shares were in the red. Market bellwether Commercial International Bank (CIB) fell 3 percent to close at LE44.04.

Real estate blue chip TMG Holding was down 2.62 percent to LE6.33, Palm Hills Development Company fell 2.62 percent to LE2.23, and Six of October Development and Investment (SODIC) plunged 3.11 percent to LE8.42 a share.

Global Telecom Holding tumbled 4.19 percent to LE2.06 a share, and majority state-owned landline operator Telecom Egypt fell 1.89 percent to LE6.22.

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