Egypt stocks remain in the red, but gains anticipated

Ahram Online, Wednesday 4 Sep 2013

Egypt stocks reduced loses, but still declined by 0.12 percent at close of business Wednesday

stock exchange
The Egyptian Exchange bell is seen at the stock exchange in Cairo (Photo: Reuters)

Egypt’s stocks reduce their loses compared to the last two sessions, but are still down on Wednesday amidst ongoing political unrest in the Middle East, particularly concerning speculation over International intervention in Syria.

The main index EGX30 declined slightly by 0.12 percent, recording 5,189 points in a session that saw a modest daily turnover of listed securities worth LE284.8 million.

The broader index EGX70 also fell 0.68 percent.

“I think the market will see gains in the next trading session, as losses have been diminishing over the last two days,” says Eissa Fathi, vice-head of the securities division at the Cairo Chamber of Commerce.

Egyptian and foreign investors ended Wednesday trading as net sellers with LE1.4 million and LE591.7 thousand respectively.

“Foreign investors are making a profit on their purchases from previous sessions, as they took advantage of attractive share prices,” Fathi added.

All of the market’s heavyweight stocks have slumped, except the prominent telecommunication share in Orascom Telecom, which rose 0.5 percent.

The blue-chip Commercial International Bank plummeted 0.2 percent.

Real estate developers Talaat Mostafa Group, Palm hills and Six of October Development and Investments slipped 2, 1.8 and 1 percent respectively. 

Short link: