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Egypt's main index ends month in red

Egypt bourse sees several declines; experts point finger at re-nationalisation of Nile Cotton Ginning

Ahram Online, Monday 30 Sep 2013
Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo. (Photos: Reuters)
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Egypt's main EGX 30 index was in the red on Monday, continuing a wave of fluctuations, but ended the month with an overall better performance than its opening.

The EGX30 inched down 0.83 percent to sit at 5620.53 points. However, compared to the month's 1st session, the index has risen by 6.03 percent.

"Profit-taking led to a decline in the indices, but that fall could have been lower had it not been for the Nile Cotton Ginning Company verdict," Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

On Sunday, Egypt's Supreme Administrative Court upheld a ruling invalidating the privatisation of the Nile Cotton Ginning Company (NCGC).

The court ruled the ministerial committee for privatisation, which privatised the company by listing it on Egypt's stock exchange in 1997, did not have the legal authority to sell.

It is uncertain what mechanisms are needed in order to implement the verdict.  In addition, it is feared that investors holding shares in companies privatised by the ministerial committee for privatisation might lose their rights, Fathy added.

Turnover rested at LE492 million at the end of Monday's session.

Egyptians were net buyers with a value of LE4.7 million, while both Arabs and non-Arab foreigners were net sellers.

In the banking sector, both National Societe Generale Bank (NSGB) and Faisal Islamic Bank of Egypt - In EGP fell by 1.27 percent and 3.52 percent, respectively.

Orascom development holding was the only gainer in the travel and leisure sector, augmenting by 6.06 percent.

All listed shares telecommunications companies decreased on Monday. Global Telecom Holding and Telecom Egypt declined by 0.68 percent and 1.6 percent, respectively.

The broader indices EGX 70and EGX100 also dropped by 0.10 percent and 0.23 percent, respectively, on Monday.

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