Egypt stocks fall on profit taking

Ahram Online , Tuesday 25 Feb 2014

Foreign investors net buyers to tune of some LE25.4 million

Egyptian stock market in Cairo (Photo: Reuters).

Egypt's stocks turned red on Tuesday on a wave of profit-taking following a high performance in the market pushed by active traders.

The market benchmark EGX30 slipped 0.2 percent to record 8,029 points in a session that saw dominant local investors as net sellers with some LE18.5 million.

Despite foreign investors ending the day's trading as net buyers of some LE25.4 million, they failed to tug the indices upward due to their small representation of roughly 8 percent.

The market saw a daily turnover of listed securities worth some LE1.1 billion.

The listed bellwether Commercial International Bank (CIB) dropped 1 percent to close at LE36.3 per share.

Real estate developers Talaat Moustafa Group (TMG) and Six of October Development and Investment (SODIC) fell 0.8 and 0.5 percent, registering LE7.7 and LE24.7 per share respectively.

Palm Hills Development (PHD) remained unchanged from the previous trading at LE3.3 per share.

Ezz Steel and Telecom Egypt (TE) were among the prominent shares that gained during the day, up 0.1 and 0.4 percent to trade at LE17.7 and LE14.9 per share respectively.

The broader index EGX70 declined 0.7 percent.


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