Masress : Stock market drops 0.33%

Egypt extends Eni's oil and gas concession in Suez Gulf, Nile Delta to 2040 Egypt, India explore joint investments in gas, mining, petrochemicals Egypt launches National Strategy for Rare Diseases at PHDC'25 Egyptian pound inches up against dollar in early Thursday trade Singapore's Destiny Energy to invest $210m in Egypt to produce 100,000 tonnes of green ammonia annually Egypt, South Africa discuss strengthening cooperation in industry, transport Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation UN warns of 'systematic atrocities,' deepening humanitarian catastrophe in Sudan Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it Egypt launches 3rd World Conference on Population, Health and Human Development Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM Egypt's TMG 9-month profit jumps 70% on record SouthMed sales Egypt adds trachoma elimination to health success track record: WHO Egypt, Latvia sign healthcare MoU during PHDC'25 Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan Egypt releases 2023 State of Environment Report Egyptians vote in 1st stage of lower house of parliament elections Grand Egyptian Museum welcomes over 12,000 visitors on seventh day Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects Egypt repatriates 36 smuggled ancient artefacts from the US Grand Egyptian Museum attracts 18k visitors on first public opening day 'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo VS-FILM Festival for Very Short Films Ignites El Sokhna Egypt's cultural palaces authority launches nationwide arts and culture events Egypt launches Red Sea Open to boost tourism, international profile Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism Sisi expands national support fund to include diplomats who died on duty Madinaty Golf Club to host 104th Egyptian Open Egypt's PM reviews efforts to remove Nile River encroachments Al-Sisi: Cairo to host Gaza reconstruction conference in November Egypt will never relinquish historical Nile water rights, PM says Egypt resolves dispute between top African sports bodies ahead of 2027 African Games Germany among EU's priciest labour markets – official data Paris Olympic gold '24 medals hit record value It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game Russia says it's in sync with US, China, Pakistan on Taliban Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights Sudan says countries must cooperate on vaccines Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19 Egypt to tax bloggers, YouTubers Egypt's FM asserts importance of stability in Libya, holding elections as scheduled We mustn't lose touch: Muller after Bayern win in Bundesliga Egypt records 36 new deaths from Covid-19, highest since mid June Egypt sells $3 bln US-dollar dominated eurobonds Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform

Thank you for reporting!

This image will be automatically disabled when it gets reported by several people.

Stock market drops 0.33%
The EGX 30 dropped slightly by 0.33 per cent to 6683 points today, mostly the result of the poor performance of Orascom Telecom and Orascom Construction Industries

Amr El Feki Published in Ahram Online on 01 - 12 - 2010

The EGX 30 dropped slightly by 0.33%, ending the day at 6682 points, "with the bulk of the selling pressure headed by foreign institutions” says Omar Darwish, equity sales trader at CI Capital Holding. Volumes remain at average levels, however, slightly lower than yesterday's heavy volumes and sharp decline, adds Darwish. Trading value reached LE368 million, with 85 shares declining and 80 rising.
Today's selling pressure was led by heavyweights Orascom Construction and Orascom Telecom, following their poor performance in GDRs yesterday evening. Vimpelcom's meeting to determine OT's fate was delayed until Jan 2011, "leaving a negative sentiment among investors," says Darwish.
All sectors closed in the red except for Healthcare and Pharmaceuticals, Food and Beverage, Personal and Household Products, as well as Real Estate and Banks. The construction and real estate sector was one of the main sectors to experience a drop, along with banks and financial services.
NSGB fell 1% after rising 7% yesterday. NSGB was added to Egypt's MSCI index yesterday and profit making seems inevitable. On the other hand, this year's strongest Big Cap Commercial Iinternational Bank rose a minor 0.34% to reach the LE41.65 mark.
Amer Group followed the generally weak trends and dropped 2.4% in its second trading day.
Individuals represented 63.26% of trading, while institutions represented 36.73%.
The top gainers were Egyptian Housing Development and Reconstruction, Development and Engineering Consultants and National Housing for Professional Syndicates, while top losers were Golden Pyramids Plaza and El Shams Housing and Urbanization.
In an opposite trend, the EGX70 rose by a meager 0.44%, reaching 734 points with a trading value of LE285 million. The EGX 70 accounted for 11.96% of total market capitalization with a value of LE53.4 billion.

Clic here to read the story from its source.