(Photo: Ahram Online archive)
Egypt stocks began the trading week down on Sunday, with foreign investors still worried about ongoing economic uncertainty, especially after global ratings agency Moody’s downgraded the credit rating of five Egyptian banks on Thursday.
The benchmark EGX30 index saw a minor decline of 0.3 percent, reaching 5,695 points in a session that saw little participation by foreign investors. The latter ended the day as net sellers to the tune of some LE26.5 million.
Domestic investors, meanwhile, were net buyers at LE39.3 million, as total daily turnover reached LE313.5 million.
Heavyweight shares fell for the most part on Sunday led by Commercial International Bank and Orascom Construction Industries, which fell by 0.1 and 0.7 percent respectively.
Prominent share Orascom Telecom, meanwhile, fell by 0.7 percent.
Some property shares, however, registered gains for the day, including Talaat Mostafa Group (0.4 percent), Palm Hills (1 percent) and SODIC (2.7 percent).
Earlier on Sunday, SODIC announced that it had received government approval to develop its Eastown development project in Cairo within a three-year period.
The move overrules an earlier decision issued by Egypt’s New Urban Communities Authority that had revoked the company’s Eastown land contract.
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