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Egypt stocks fall Wednesday

Following news of dwindling foreign currency reserves, Egypt's EGX30 slides 1.8 pct to 5,698 points

Ahram Online, Wednesday 6 Feb 2013
Egypt stocks fall in Wednesday
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)

The Egyptian Stock Exchange closed in the red on Wednesday, with the main EGX30 index falling by 1.8 per cent to 5,698 points.

News the previous day that Egypt's net foreign reserves had fallen by $1.4 billion in January appeared to have exacerbated investors’ fears about the future of the country's economy.

On Tuesday, the market reached a three-week high but fell again on Wednesday due to the ongoing state of uncertainty that continues to haunt the exchange.

Turnover reached some LE578 million for the day, with 132 shares losing value and 42 gaining.

Orascom Construction Industries (OCI), the bourse's largest share in terms of market capitalisation, slipped 1.77 per cent to close at LE259.6 per share.

Commercial International Bank (CIB), meanwhile, fell by 3.7 per cent – with a turnover of LE64 million – adding to the market's woes.

Arab and non-Arab foreign investors were net sellers on Wednesday, accounting for nearly a quarter of the day's turnover.

Several other blue-chip shares suffered losses, including Palm Hills Development (down 1.6 per cent) and Orascom Telecom Holding (down 2.6 per cent).

Investment house EFG-Hermes, meanwhile, was one of the day’s primary gainers, managing to climb by 2 per cent.

Orascom Telecom Media Technology (OTMT) also registered gains, climbing by 1.64 per cent.

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