Egypt's health min. inks deal with eFinance to launch nationwide e-payment system    Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks    Egyptian pound weakens against dollar in early trading    Egypt's PM heads to UNGA to press for Palestinian statehood    As US warships patrol near Venezuela, it exposes Latin American divisions    More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher    Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe    Egypt, EBRD discuss strategies to boost investment, foreign trade    DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    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.



Egypt market down on pre-emptive profit-taking ahead of poll result
Selling-pressure in anticipation of election victory by former army chief drives indices down 0.3 percent amid high turnover in a volatile session as nationwide poll gets underway
Ahram Online Published in Ahram Online on 26 - 05 - 2014

Egyptian stocks ended Monday's session in the red, pulled down by profit-taking from investors on the first day of voting in Egypt's presidential poll.
The main EGX30 index dipped 0.3 percent to close at 8,736 points as daily turnover neared LE1.5 billion at the end of a volatile session.
The broader EGX70 also fell 0.31 percent.
Sellers, who were predominantly Egyptian, acted pre-emptively according to the "buy the rumour, sell the news" market logic in anticipation of an election victory by military strongman Abdel-Fattah El-Sisi, Mohamed Radwan, head of equities at Pharos Holding, told Ahram Online.
"The market had been going up since last week in anticipation of the election, so investors are expecting a dip after the official announcement of El-Sisi's victory, similar to the one that occurred after the official announcement of his nomination," explained Radwan.
The market had witnessed a significant drop in March following the long-anticipated announcement by El-Sisi that he would run for the presidency.
Egyptians were the net-sellers for the session, to the tune of LE60.4 million.
Four retail-dominated stocks, Orascom Telecom Media and Technology Holding, Palm Hills Development Company, Amer Group Holding, and Citadel Capital, accounted for over 40 percent of market turnover.
The majority of EGX30 shares fell, including market bellwether Commercial International Bank (CIB) by 0.08 percent to trade at LE38.44.
In the real estate sector, Palm Hills Development Company dropped 0.65 percent to LE4.62 a share and Six of October Development and Investment Company (SODIC) shed 1.80 percent to LE28.34, while TMG Holding gained 0.10 percent to LE9.99.
Another gainer was metallurgical giant Ezz Steel, up 0.16 percent to trade at LE18.43.
Telecom Egypt saw its share price fall 0.68 percent to LE14.52.
http://english.ahram.org.eg/News/102257.aspx

Clic here to read the story from its source.