Egyptian bourse sees early fall, pares losses as telecoms and finance sectors dip

Ahram Online, Wednesday 30 Mar 2011

Egypt's bourse has pared sharp opening losses to climb 1.71 per cent in the second hour of Wednesday trade.

The EGX30 opened at 5,409 points but dropped to 5,323 within 10 minutes where it bottomed out before swift trade lifted the index, boosting it nearly 2 per cent over the opening level. It has since levelled off.

Telecoms and the financial sector dipped into the red early but are paring losses while real estate and basic resources continue to fall, attributed to ongoing corruption investigations.

Total market capitalisation of LE408,815,595,841.

Egypt's stock market, which re-opened last week after a shutdown of more than seven weeks, is set to resume its normal four-hour trading session on Sunday, a bourse official accounced earlier today.

Foreigners still make up the majority of investors at around 58 per cent and represent net buyers. Egyptians have upped their share but are seemingly remaining cautious.

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