Egypt's stocks close the week down despite local, Arab purchases

Ahram Online , Thursday 21 Jul 2016

Traders work at the Egyptian stock exchange in Cairo April 1, 2014 (Reuters)
Traders work at the Egyptian stock exchange in Cairo April 1, 2014 (Reuters)

Egypt’s stocks ended the trading week down on Thursday despite Arab and the domestic purchases.

The market’s benchmark EGX30 slumped 0.89 percent to register 7,436 points in a session that saw non-Arab foreigners continue to sell.

Out of 156 listed stocks, 32 gained value and 85 saw losses. The daily turnover for listed securities also declined to the tune of EGP 423.8 million.

The heavyweight Commercial International Bank, the most traded for the day, dipped 1.08 percent to EGP 42.31 per share.

EFG Hermes, the leading listed investment bank in Egypt, rose 0.35 percent to EGP 11.63. 

The investment bank stated on Thursday that it concluded its advisory to B.TECH for Trading and Distribution -- Egypt’s largest retailer and distributor of household appliances and consumer electronics -- on its EGP 300 million strategic partnership with DPI, a leading African private equity firm.

Telecom Egypt dropped 1.28 percent to close at EGP 9.16 per share.

The country’s leading property developer, Talaat Moustafa Group, closed the day down 1.28 percent to record EGP 5.40 per share.

The broader index EGX70 inched down 0.01 percent.

*The official exchange rate for $1 = EGP 8.78

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