Egypt's stocks see mild decline due to Sunday's calm night

Ahram Online, Monday 19 Aug 2013

Egypt's Bourse sees less losses, but is still reeling from days of clashes between state and Brotherhood supporters

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

Egypt’s stocks shrunk their losses from Sunday's trading but continue the downturn for the second consecutive session on Monday.

The main index EGX30 slightly declined 0.1 percent, recording 5,329 points as Cairo saw a relatively calm night following three days of bloody clashes between supporters of deposed president Mohamed Morsi and security forces.

Bourse management states it would return to work on Tuesday under normal daily trading hours, from 10:00am CLT to 2.30pm CLT. The Egyptian Stock Exchange suspended Thursday's session as well as reducing trading hours on Sunday due to insecurity on the streets.

The broader index EGX70 rose 1.2 percent, prompted by domestic investors – 60 percent individuals – who were net buyers with some LE45.8 million (roughly $6.5 million).

Foreign investors remain net sellers with some LE58.7 million (roughly $8.4 million), which affected the market’s bellwethers Commercial International Bank and Orascom Telecom, which slumped 0.06 and 1.1 percent, respectively.

Properties shares Palm Hills Development  (PHD) and Six of October Development and Investment climbed 0.8 and 1.7 percent respectively.

PHD, the second largest real-estate developer in Egypt, released on Sunday its consolidated financial results for the first six months of 2013, hitting net profits of LE156.4 million (roughly $22.3 million) compared to LE78.3 million (roughly $11.2 million) net loss in the same period last year.

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