Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)
Egypt’s main index dipped once again on Monday following investor relief over a calm weekend and delayed military action in Syria.
The EGX 30 shed 1.07 percent, finishing at 5244 points, as total turnover, which had been raised by odd transactions on Sunday, registered a modest LE267 million.
Egyptian investors were the only net buyers, to the tune of just LE3.35 million, while Arabs and other foreign investors were even less active.
Individuals made up over 71 percent of the volatile market, which had risen on speculation following the relatively low turnout at last Friday’s anti-government protests and US President Obama’s decision to seek congressional approval for an American military strike on Syria, a market analyst told Ahram Online.
“Military action has been delayed, not cancelled, and now investors are nervously awaiting the outcome of the congressional session on 9 September,” added the analyst.
Most of the prominent stocks fell on Monday, with Bellwether Commercial International Bank down 1.04 percent, Egyptian Financial Group-Hermes down 1.85 percent, and Orascom Telecom down 1.17 percent.
Property share TMG fell 1.62 percent, Palm Hills Development Company 3.06 percent, and Six October for Development and Investment was down 3.47 percent.
The broader EGX70 index was also down by 0.49 percent.
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