Egypt bourse calm following last week's record highs

Ahram Online, Monday 23 Dec 2013

Egypt's main index drops slightly on Monday but remains 7.5 percent higher than beginning of month

Egyptian Stock Exchange
A view shows the Egyptian Stock Exchange in Cairo (Photo: Reuters)

The Egyptian bourse is calmer this week after last week recording its highest level for three years.

The benchmark EGX30 fell 0.16 percent to register 6725 points on Monday, which remains 7.5 percent higher than the beginning of the month when it recorder 6267 points.

"It was expected the market would slow after the significant rise last week. Notably, the market's minimal drop from the last session remains a moderate rise from last month," Ashraf Abdel Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online in a phone interview on Monday.

Turnover of listed stocks registered LE350 million.

The broader EGX70 dropped 0.48 percent to register 531 points. The turnover of EGX70 stocks was LE86 million ($12.43 million), i.e. 24.5 percent of all listed stock turnover.

Egyptian investors were net sellers at a value of LE13 million ($1.88 million) where most purchases were made by Arab investors reaching LE11 million ($1.59 million).

Some 178 stocks were traded in this session, 111 were decliners while only 41 achieved gains.

Commercial International Bank (CIB), Abou Kir Fertilizers and Mobinil were some of the few gainers in this session, inching up 0.15, 1.45 and 0.52 percent respectively and closing prices at LE32.65 ($4.72), LE163 ($23.56) and LE135.09 ($19.53) per share.

Palm Hills Development Company, TMG Holding and Orascom Telecom Media and Technology Holding showed losses of 1.11, 0.81 and 1.3 percent respectively to close at LE2.68 ($0.39), LE6.16 ($0.89) and LE0.76 ($0.11) per share.

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