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Egypt's stocks fall slightly Monday amid profit taking

Ahram Online , Monday 11 Jul 2016
Egypt
Egypt's stocks (Reuters)
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Egypt’s stock exchange went down on Monday one day after it posted the largest one-day gain in nearly four months as some investors seek profits.

The market’s benchmark EGX30 slightly declined 0.15 percent to register 7,506 points in a trading session that witnessed Arab investors as the only net sellers to the tune of EGP 50.6 million.

“Even Egyptians and foreigners sold to make some profits, but they did not end up as net sellers,” Eissa Fathi, the vice head of the securities division at the Cairo Chamber of Commerce, told Ahram Online.

Fathi expected the market to rebound on Tuesday as it is still positively affected by the circulated news of an imminent devaluation of the local currency's value against the US dollar, which will make the share prices more attractive.

Out of 171 listed shares, 104 saw losses and only 28 gained in a session that saw a daily turnover worth some EGP 834.6 billion, which is the highest in “at least two months,” according to Fathi.

The listed heavyweight Commercial International Bank (CIB) inched up 0.59 percent to close at EGP 42.93 per share.

Real estate developer Madinet Nasr Housing dipped 0.68 percent to close at EGP 13.24 per share.

Egypt’s leading property developer Talaat Moustafa Group (TMG) was down 2.48 percent to register EGP 5.50 per share.

The most traded Global Telecom soared 5.43 percent to record EGP 3.69 per share.

The broader index EGX70 dropped 0.37 percent.

*The official exchange rate for $1 = EGP8.78

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