Egypt index inches down as locals dump real estate blue chips

Ahram Online , Tuesday 10 May 2016

Egypt's benchmark index slid 0.3 percent on Tuesday to close at 7,622 points as local investors dumped real estate and other blue chips.

Real estate stocks were down as Emaar Misr for Development saw its share price fall 3.1 percent to EGP 2.49, while biggest listed developer TMG Holding edged down by 0.6 percent to EGP 6.34 and Palm Hills Development Company was down 1.5 percent to EGP 2.55 a share.

Six of October Development and Investment (SODIC) inched down by 1.9 percent to close at EGP 10.31.

Market bellwether Commercial International Bank was slightly up by 0.6 percent, closing at EGP 44.75.

Egyptians were net-sellers of EGP 54.3 million, while Arab and foreign investors were net-buyers. Non-Arab foreign institutions were also net-sellers to the tune of EGP 934,000.

Orascom Telecom Media and Technology Holding (OTMT), the most traded stock in the index, fell 2.7 percent to EGP 0.73.

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