Egypt stocks fall for second session this week

Ahram Online , Monday 11 Apr 2016

Egypt's stocks (Reuters)

Egypt's stocks fell for the second consecutive session on Monday despite the announcement of deals worth billions of dollars in investment and credit facilities from Saudi Arabia.

The main index slid 0.83 percent to close at 7,342 points on Monday as most blue chips saw losses after Egypt and Saudi Arabia signed final loan agreements worth over $24 billion during the Saudi King Salman's official visit to Cairo this weekend. 

Second-largest listed stock Global Telecom Holding was down 3.29 percent to EGP 2.94, while state-owned landline operator Telecom Egypt slid 2.74 percent to EGP 8.17.

Local investors were net-sellers for EGP 86.3 million, followed by Arab investors for EGP 2.5 million. 

Property Developer TMG Holding fell 2.53 percent to EGP6.16, while Emaar Misr for Development was down 0.79 percent to EGP 2.50.

Palm Hills Development Company inched down 1.87 percent to EGP 2.63 and 6 October Development and Investment (SODIC) slid 4.16 percent to EGP 10.36.

However, market bellwether Commercial International Bank, which accounts for close to one-fifth of the main index's weight, was up 1.35 percent to EGP 39.71.

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