Owner of Egypt's largest listed dairy firm travel-banned, stocks continue slipping

Ahram Online, Tuesday 3 Dec 2013

Egypt stocks
A general view of the Egyptian stock exchange in Cairo (Photo: Reuters)

Egyptian stocks fell marginally on Tuesday, maintaining the previous season's feeble performance.

Both the main index EGX30 and the broader one EGX70 slipped 0.07 percent each. The benchmark has recorded 6,243 points.

The day's trading news was dominated by the recent travel ban imposed on Safwan Thabet, owner of Juhayna, Egypt's largest producer of juice and dairy products.

In a statement sent to the Egyptian bourse, Juhayna insisted that the travel ban has nothing to do with the listed food industries company.

The company's stocks are up 0.5 percent.

Speaking to Ahram Online, Eissa Fathy, vice-head of the securities division at Cairo's Chamber of Commerce, said that shares in Juhayna rose because investors tend to go after active stocks that are tailed by rumours and news.

Tuesday's session saw a daily turnover of LE 274.4 million and ended with domestic and Arab investors as net buyers with some LE5.6 million and LE9.7 million respectively.

The market's heavyweight share, Commercial International Bank (CIB), increased 0.9 percent despite foreign investors being net sellers with some LE15.3 million.

Real estate developers Talaat Mustafa Group (TMG), Palm Hills Holding (PHD) and Six of October Development and Investment (SODIC) all dipped by 0.5, 2.6 and 0.8 percent respectively.

The blue-chip Global Telecom (GT) decreased 0.2 percent.

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