Egypt's stocks down on profit taking

Ahram Online, Sunday 13 Apr 2014

Listed stock turnover under LE600 million in a session defined by weak trading value, as buyers sold for profit taking

EGX
Egyptian stock market in Cairo (Photo: Reuters).

Egypt’s main index slightly declined on Sunday, but in a session marked by weak trading value.

The EGX30 fell 0.31 percent to record 7,875 points.

“The T+0 mechanism allows for selling during the same session of purchase, and as a result [buyers] at the beginning of the session were able to sell for profit taking in the same session,” Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

Listed stock turnover was a mere LE596 million.

Arab investors were net sellers to the tune of LE18 million, whereas most non-Arab foreign investors were buyers for a net value of LE15.4 million.

Market bellwether Commercial International Bank (CIB) inched up 0.78 percent to LE37.7 per share.

The top ten gainers in the EGX 30 index also included Orascom Telecom Media and Technology (OTMT), Pioneers Holding, Talaat Moustafa Group (TMG) and Telecom Egypt (TE).

OTMT inched up 0.85 percent to LE1.16 per share, Pioneers was up 0.77 percent to LE11.53 per share and TMG increased 0.39 percent to LE7.7 per share.

In telecommunications, TE inched up 0.06 percent to LE17.4 per share, while Global Telecom Holding dropped 0.88 percent to LE4.5 per share.

Investment bank EFG-Hermes dropped 2.73 percent to LE12 per share.

 

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