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Egypt stocks close week down on profit taking

Bout of profit taking by non-Arab foreign investors pushes local bourse down Thursday after several days in the green

Ahram Online, Thursday 10 Jan 2013
Egypt
General view showing Egypt's benchmark stock in Cairo (Photo: AP)
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Egyptian stocks ended the week down on Thursday with most investors, especially non-Arab foreigners, preferring to sell their shares in a bout of profit taking following several sessions in the green.

The main EGX30 index plunged by 2 per cent for the day to 5,754 points in a session that saw daily turnover of some LE502.3 million. The broader EGX70 index ended down by 1.3 per cent.

Foreign investors were net sellers on Thursday, unloading some LE36.7 million worth of stocks. Egyptian investors were net buyers, meanwhile, picking up some LE26.3 million.

Almost all of the market's blue chip stocks closed in the red, led by Commercial International Bank and Orascom Construction Industries, which slumped by 2.4 and 2 per cent.

Orascom Telecom, Ezz Steel and financial group EFG-Hermes, meanwhile, also declined by 2.1, 2.3 and 2 per cent respectively.

Leading property shares also lost for the day, with Talaat Mostafa Group, Palm Hills and SODIC dipping by 2.5, 2.2 and 3.3 per cent respectively.

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