Egypt's stocks slide on profit taking

Ahram Online , Sunday 27 Mar 2016

Egypt's main index EGX30 dipped 0.9 percent on Sunday to 7,480 points, almost erasing last week's gains due to profit taking, according to Wafik Dawood, portfolio manager at Cairo-based Compass Capital.

The bourse has surged in the past two weeks after the central bank devalued the pound by around 14 percent in a single day to close the gap between the official and unofficial exchange rates.

Arab investors were net sellers to the tune of EGP 34.4 million, while Egyptian investors were net buyers to the tune of EGP 28 million.

Daily stock turnover registered almost EGP 795 million.

Blue chip Commercial International Bank (CIB) fell 2.38 percent to EGP 38.6 a share, and Orascom Telecom for Media and Technology (OTMT) declined 2.53 percent to EGP 0.76 per share.

Naguib Sawiris, OTMT CEO, expressed concerns in a newspaper column on Sunday that government approval necessary to complete his acquisition of CI-Capital, the investment banking arm of the CIB, was under "national security review."

Broader index EGX70 also slipped 0.3 percent.

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