Egypt fast-tracks recycling plant to turn Suez Canal into 'green canal'    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    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    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    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 prepares unified stance ahead of COP30 in Brazil    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's shares continue slide as local institutions cash in
Main index down 1.53 percent as deadline approaches for local funds to distribute cash dividends and redeem certificates
Ahram Online Published in Ahram Online on 16 - 06 - 2014

Egypt stocks fell on Monday, as local institutions created selling pressure in the market on the majority of blue chips as the fiscal year approaches its end.
The benchmark EGX30 index dropped 1.53 percent to 8,522 points, while the broader EGX70 index fell 1.34 percent.
The sell-off was sparked by the approach of the 1 July deadline for local funds to distribute cash dividends and for the redemption of certificates, Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.
"Brokerage firms also put pressure on individual investors who trade on credit, which added to the selling pressure," Fathy added.
Egyptian investors were net-sellers to the tune of LE24.3 million, while Arab and other foreign investors were net-buyers.
The majority of EGX30's shares were in the red. Market bellwether Commercial International Bank (CIB) fell 0.48 percent to LE37.26 a share.
In the telecoms sectors, state-owned fixed-line operator Telecom Egypt (TE) saw its share price drop 2.88 percent to LE13.81. Global Telecom was down 2.14 percent to LE5.50 and Orascom Media and Technology Holding (OTMT) fell 1.49 percent to trade at LE1.32 a share.
Leading Cairo-based investment bank EFG-Hermes also saw its share price drop to LE15.12, in spite of a pending tender offer on 20 percent of its shares at the price of LE16 a share by a consortium led by Egyptian tycoon Naguib Sawiris and competitor Beltone Financial Holding.
On Monday, anonymous sources told Reuters that two Beltone board members were under investigation by authorities for alleged insider trading related to the deal, a matter which officials who spoke to the news agency refused to confirm or deny.
In the real estate sector, TMG Holding slid 2.88 percent to LE9.11 and Palm Hills Development Company fell 1.81 percent to LE4.35. Property developer Six of October Development and Investment Company (SODIC) was one of the only gainers, rising 3.12 percent to trade at LE33.37.
SODIC announced on Monday that it was considering a capital increase through a rights issue of LE1 billion, split over 250,000 shares at LE4 a share.
Daily turnover was strong, recording LE909.9 million.
http://english.ahram.org.eg/News/103879.aspx

Clic here to read the story from its source.