The stock market saw a buying spree by Egyptians
EGX30, the main stock market index, barely skipped a bend over, rising 0.32 per cent to 6,938 points. The total turnover was LE486 million, with 112 shares declining and 59 rising.
“The investors rushed to sell today, to reap the profits from the rise of the last four sessions,” said financial analyst Hanafy Awad.
"The market opened almost unchanged following yesterday's selling pressure. It picked up and soon reversed its direction, and we expect further pressure below the 7000 points mark,” explained Equity Sales Trader at CI Capital Holding Company Omar Darwish to Ahram Online.
As Sunday was accompanied by strong volumes, volumes today did not witness a major increase.
“We can easily break the 7000 points barrier before the end of the week, and investors must be more patient for profits,” argued Walid Yousry, Head of Research for Watheeqa securities brokerage.
Nationals, who were responsible for more than three quarters of transactions, were on the selling side, with a net value (selling-buying) of LE97 million.
All sectors closed in the red except for travel and leisure, telecommunications, food and beverages, and banks.
Real estate shares of companies like the Talaat Moustafa Group (TMG) and Six of October Development and Investment (SODIC) witnessed the heaviest falls after strong consecutive rallies. SODIC fell before its 5 to 1 stock split. The Palm Hills verdict will be announced tomorrow.
The top gainers included Universal for Paper and Packaging Materials (Unipack), Union National Bank and El Nasr for Manufacturing Agricultural Crops, while two major losers were Golden Pyramids Plaza and General Company for Land Reclamation, Development and Reconstruction.
The lack of negative news from Orascom Telecom is considered good news for investors. The company’s stock has been gradually creeping higher, and according to Darwish, was one of today's top performing big caps, trading good volumes.
Individuals represented 55.54 per cent of the trading in the market, while institutions represented 44.45 per cent.
By contrast, the EGX70 declined by 0.41 per cent, reaching 753 points, with a trading value of LE198 million. The EGX70 accounted for 11.99 per cent of the total market capitalization, with a value of LE54.4 billion.