Egyptian stocks resume decline on Monday

Ahram Online, Monday 2 Dec 2013

EGX30 falls 0.3 percent in stagnant session

Egypt stocks
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)

Egypt's main stock index, the EGX30, continued its decline on Monday in a stagnant trading session, falling 0.3 percent to reach 6,248 points.

Several heavyweight shares managed to buck the trend, with Commercial International Bank (CIB) and EFG-Hermes up 0.6 percent and 0.8 percent respectively.

EFG-Hermes has announced that its partially-sponsored InfraMed Fund is investing in a utility-scale wind farm in Jordan, the first of its kind in the MENA region. Its contribution is worth $40 million.

Both domestic and foreign investors opted to be net-sellers, with LE2.5 million and LE1.1 million worth of shares respectively.

The broader index EGX70 declined 0.4 percent in a session that saw a daily turnover of the listed securities worth LE353.4 million.

Telecommunication shares Global Telecom (GT) and Telecom Egypt (TE) dropped 1.3 percent and 1.1 percent respectively.

Real estate developers Talaat Mustafa Group (TMG) and Six of October Development and Investment (SODIC) declined by 0.8 percent each, but Palm Hills Holding (PHD) soared 2 percent.


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