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Market Update: Egypt stocks timidly slip in mid-Sunday trading after Friday bombs

Though a Friday string of bomb explosions in Cairo sent the Egyptian bourse down early on Sunday, indices to recover soon

Ahram Online, Sunday 26 Jan 2014
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Egypt’s stocks slipped in mid-Sunday trading as both the main index EGX30 and the broader EGX70 have slowed 0.2 percent with the market’s benchmark recording 7,215 points.

“Investors have been hit with the string of bombings which occurred on Friday, but the indices are recovering,” said Eissa Fathi, vice head of the securities division at the Cairo Chamber of Commerce.

A string of four bombings struck Greater Cairo on Friday, killing at least six people and injuring dozens of others, on the eve of the anniversary of the 2011 uprising that toppled Hosni Mubarak.

Fathi told Ahram Online that Arab investors are taking profits amid purchases of both Egyptian and foreigners.

“The bullish trend will return, as Egyptians flocked to squares nationwide yesterday to celebrate the third anniversary of the 25 January revolution in a clear message to terrorists,” Fathi added.

Out of 159 currently traded stocks, 90 turn down, while 36 gain in a session that sees a relatively significant daily turnover of LE420.4 million ($60.3 million).

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