Egyptian stocks fall slightly in stagnant session

Ahram Online, Monday 18 Mar 2013

Egypt's stock market was flat on Monday after the country's top prosecutor froze assets of prominent businessmen

Egypt stocks
A view of the Egyptian stock market in Cairo (Photo: Reuters)

Egyptian stocks fell slightly on Monday following reports that the assets of 21 local businessmen had been frozen by the prosecutor-general, along with those of several Egyptian brokerage firms and bank officials under investigation for alleged stock market manipulation.

The prosecution's decision seems to have driven trading activity down, with main index EGX30 down 0.2 percent, recording 5,197 points.

The broader index EGX70 declined 0.3 percent in a session that saw a total daily turnover worth LE255 million.

Egyptians were net-buyers at LE14.2 million, while foreign investors sold some LE18 million.

The heavyweight share Orascom Construction Industries ended Monday's trading rising 1 percent, after the mediation of Egypt's investment minister Osama Saleh into the $2 billion tax evasion dispute between the company and the state tax authority.

Commercial International Bank, however, fell 1.1 percent, while Orascom Telecom, which fell 0.2 percent.

Property stocks Palm Hills Development, the Talaat Mostafa Group and Six of October Development and Investment tumbled 1.8, 1.7 and 1.5 percent respectively.

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