Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    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 launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Gold prices in Egypt edge higher on Wednesday, 12 Nov., 2025    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 joins Advanced Breast Cancer Global Alliance as health expert wins seat    Egypt's Suez Canal Authority, Sudan's Sea Ports Corp. in development talks    Egyptian pound gains slightly against dollar in early Wednesday trade    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.



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.