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Egypt stocks see minor losses despite Qatar aid pledge

EGX30 declines slightly despite news of fresh $3 billion aid injection by Qatar

Ahram Online, Wednesday 10 Apr 2013
stock market
An Egyptian trader talks as she monitor her screen at the stock market, in Cairo (Photo: AP)
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Views: 728


Egyptian stocks fell on Wednesday, despite news of fresh Qatari financial aid pledges, as foreign investors took profits from heavyweight shares that had recorded gains in the three previous sessions.

The main EGX30 index declined by 0.08 percent for the day to record 5,152 points, while the broader-based EGX70 index rose by 0.5 percent.

"The benchmark index tumbled by 0.5 percent in midday trading, but news of a fresh $3 billion pledge by Qatar mitigated the loss," Eissa Fathi, vice head of securities at the Cairo Chamber of Commerce, told Ahram Online.

Fathi added that Egyptian stocks were expected to take an upward turn by week's end, reflecting the positive news from the Gulf.

It remains unclear whether Qatar's financial aid injection will be made in the form of deposits at Egypt's central bank or the purchase of government bonds.

Foreign investors were net sellers on Wednesday at LE52.8 million, while Egyptian investors were net buyers at some LE38.6 million.

Blue chip stocks Orascom Construction Industries, Commercial International Bank and Orascom Telecom fell for the day by 1.4, 0.3 and 1 percent respectively.

Property developers maintained their upward trajectory, however, led by the Talaat Mostafa Group, Palm Hills and SODIC, which rose by 2.1, 2.5 and 2.2 percent, respectively.

Of 168 listed shares, 115 gained in a session that saw a total of LE357 million in turnover.    

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