Egypt stocks see pale trading Monday

Ahram Online, Monday 22 Oct 2012

Egypt stocks see pale trading Monday
Egyptian traders chat at Egypt's benchmark stock in Cairo, Egypt (Photo: AP)

Egypt stocks showed a pale performance on Monday as trading levels continue to be affected by the holiday season.

The main EGX30 index grew a meager 0.08 per cent to sit at 5,721 points. Turnover reached LE325 million (LE54 million).

Eid El-Adha and the Pilgrimage to Mcca, Islam's biggest annual events are 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.

The market is traditionally less active during this vacation.

Orascom Construction Industries (OCI), the market's largest share in terms of capitalisation, dropped 0.77 per cent to land at LE263.25 per share.

Out of 174 shares traded on Monday, 56 gained value.

Orascom Telecom Holding finished up 0.81 per cent marking LE22 million.  The company announced on Sunday it would engage in deeper cooperation with parent company Vimpelcom.

Palm Hills Development was one of the more active shares today witnessing LE17 million in turnover, dropping 1.16 per cent to close at LE2.56 per share.

Non-Arab foreign investors were the main net-buyers of the session at LE25.8 million, making up 12.02 per cent of the session's activity.

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