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Egypt stocks dip slightly on anticipated cabinet reshuffle

EGX30, EGX70 fall 0.7, 0.3 percent respectively on official announcement that major government reshuffle could be expected sometime early next week

Ahram Online, Monday 22 Apr 2013
Egypt stocks
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)
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Egypt stocks slipped for the second consecutive day on Monday amid talk of an imminent cabinet reshuffle.

Egyptian Prime Minister Hisham Qandil stated earlier on Monday that discussions over an impending government reshuffle were still "ongoing," stressing that the planned ministerial changes had "yet to be finalised."

The main EGX30 index declined 0.7 percent to record 5,215 points in a day that saw some LE262.4 million in turnover.

Heavyweight share Commercial International Bank rose by 0.7 percent on Monday, while market bellwether Orascom Telecom also enjoyed a slight gain of 0.2 percent.

Foreign investors were net sellers for the day at LE26 million, while domestic investors represented net buyers to the tune of LE26.7 million.

Blue-chip share Orascom Construction Industries, meanwhile, lost 0.5 percent, along with property shares Talaat Mostafa Group, Palm Hills and SODIC, which plummeted 1.2, 1.8 and 1.4 percent, respectively.

The broader-based EGX70 index fell by a modest 0.3 percent for the day.

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