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Slight decline in Egypt's market after a week of gains

Sunday's slow-down part of stability after 'rising trend,' says analyst

Ahram Online, Sunday 16 Feb 2014
t was all too much for one trader during an earlier session on Egypt's stock exchange (Photo: Reuters)
Views: 526
Views: 526

Egypt’s main index EGX 30 inched down 0.19 percent to register 7,576 points.

“The slight decline in the market follows a rising trend and shows modest profit taking,” Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

The market depicted a balance between sellers and buyers with Egyptian investors as the net sellers at a net-value of LE6 million ($0.86 million).

Daily turnover of listed stock was LE561.5 million ($80.7 million).

Out of 182 traded stocks, 82 were gainers and 83 were decliners.

The highest turnover was achieved by Egyptian financial firm Pioneers Holding, which Abdel-Aziz sees as part of the share’s rising trend.

Pioneers Holding rose up 2.41 percent to close its share price at LE10.2 per share ($1.5 million).

Orascom Telecom Media and Technology and Commercial International Bank inched up 0.85 percent and 0.41 percent to close at LE1.19 ($0.17) and LE34.66 ($4.97) per share respectively.

Palm Hills Development Company, the country's second-biggest property developer, inched down 1.28 percent in anticipation of trading its new shares the following session. The share closed at LE3.08 ($0.44) per share.

Top real-estate developers Six of October Development Investment Company (SODIC) also dropped 0.34 percent to close at LE23.72 ($3.4) per share.

SODIC announced last week that its 2013 sales revenues had reached 2.7 billion Egyptian pounds ($388 million).

The wider index EGX 70 rose by 0.72 percent. 


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