Egypt stocks inch down on Monday as foreigners sell

Ahram Online , Monday 29 Feb 2016

Traders work at the Egyptian stock exchange
File Photo: Traders work at the Egyptian stock exchange in Cairo August 18, 2013 (Reuters)
The benchmark index was down 0.15 percent to 6,147 points at the close of a volatile session, which saw the index peak at 6,184 points in the first hour of trading.
Non-Arab foreigners were net-sellers to the tune of EGP 17. 3 million, bourse data showed, while Arab and local investors were net-buyers of EGP 16 million and EGP 1.3 million respectively.
Commercial International Bank (CIB), which makes up over a fifth of the main index weight and is a favorite of foreign investors, was flat at EGP 33.46 a share.
Orascom Telecom Media and Technology Holding (OTMT) was up 1.72 percent to EGP 0.59 a share.
The private sector lender announced in a statement dated Monday that it had signed a Share Purchase Agreement with OTMT subsidiary Beltone Financial Holding for the sale of 100 percent of CIB investment arm CI Capital, with the aim of finalising the transaction by the end of the first quarter of 2016.
Dairy maker Juhayna Food Industries saw its share price rise 0.79 percent to EGP 6.35 after a sharp drop on Sunday.
The company announced the appointment of Seif El Din Thabet as Chief Executive Officer, reporting directly to his father, Executive Chairman Safwan Thabet on Sunday.
Safwan Thabet has been reportedly referred to prosecution for alleged ties to the banned Muslim Brotherhood group.
Global Telecom Holding rose 0.98 percent to EGP 2.06 a share.
Property shares were mixed, as TMG Holding inched up 0.21 percent to EGP 4.86 and Emaar Misr for Development rose 1.36 percent to EGP 2.24.
Palm Hills Development Company slid 1.72 percent to EGP 2.28, and Six of October Development and Investment (SODIC) was down 1.01 percent to EGP 6.85 a share.
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