EGX30 slumps on profit-taking after hitting record highs

Ahram Online, Sunday 10 Nov 2013

Main index falls 0.93% on Sunday as foreign investors are net-sellers after a three-year high last week

Profit-taking by investors drove Egypt's main index down 0.93 percent on Sunday, after ending the previous trading week on a record high.

The EGX30 slumped to 6,356 points on Sunday, after hitting a three-year high of 6,415 points on Thursday, due to investor relief following the uneventful first court hearing of ousted president Mohamed Morsi the previous Monday. 

"This is a classic case of profit-taking and it is to be expected after last week's gains," Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

The majority of EGX30 shares were in the red, as foreign investors were net-sellers, to the combined value of LE10.3 million, while Egyptians, who make up 86 percent of the market, were net-buyers.

Among those with loses were real estate main players TMG Holding, Six October Development and Investment (SODIC), and Palm Hills Development Company, which fell 2.76 percent, 1.89 percent, and 0.78 percent respectively.

Investment Bank EFG-Hermes dropped 1.42 percent, while Global Telecom Holding slid 0.61 percent, and Ezz Steel 1.18 percent.

Blue chip Commercial International Bank was on the rise however, inching up 0.04 percent.

The Egyptian Natural Gas Holding Company (EGAS) reported a net profit of LE98.1 million for the first nine months of the current year, lower than the LE108.1 million in the same period of 2012.

Turnover of listed stocks was weaker than the previous week, recording some LE506 million on Sunday.

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