Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
Egyptian stocks swung down on Sunday with turnover levels dropping as the holiday season looms.
The main EGX30 index fell 1.49 per cent to 5,717 points, with trading volume reaching LE314 million ($52m), the lowest in two months.
"This vacation is a long one, and many people travel to Saudi Arabia to perform the pilgrimage, so a drop in trading is quite normal," said Eissa Fathy, vice chairman of the securities division at Cairo's Chamber of Commerce.
Eid El-Adha, the biggest Islamic event of the year, is set to start at the end of this week and last for four days. The stock exchange and banks close their doors during the vacation.
Commercial International Bank (CIB) led the market's drop with LE26 million in trading activity and shedding 2.6 per cent to close at LE37.88 per share.
Orascom Telecom Holding (OTH) saw a mild drop of 0.53 per cent to LE3.72 per share. The share's performance was cushioned by the company's announcement on Sunday that it would engage in deeper cooperation with parent company Vimpelcom.
Orascom also said it was changing its name to Global Telecom Holding SAE after Vimpelcom took control of the Egyptian company last year in a deal worth around $6 billion.
"This positive news eased the drop of OTH today, and will have more a positive reflection on the share when the market stabilises," Fathy added.
The broader EGX70 index dropped 1.14 per cent. Out of 171 shares traded on Sunday, 124 ended trading in the green.
Orascom Telecom and Media Technology (OTMT) was also very active today with turnover at LE27 million. It dropped 1.67 per cent.
Investment Bank EFG-Hermes dropped 2.23 per cent to close at LE11.86 per share.
Egyptian investors dominated the session at 82 per cent of total trade, net selling at LE8.5 million. Non-Arab foreign investors were the main net-buyers today at LE12.5 million.