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Egypt's shares continue slide as end of quarter approaches
EGX30 drops close to 1.5 percent, with all blue chips but one in the red, as local institutions try to realise profits
Ahram Online Published in Ahram Online on 17 - 06 - 2014

The main EGX30 dropped 1.47 percent to 8,396 points as local institutions continued to realise their profits as the end of the quarter nears.
The broader EGX70 fell 1.29 percent with net sellers including Egyptian investors for LE8.7 million and Arab investors for LE14.7 million and non-Arab foreigners as net-buyers to the tune of LE23.4 million.
Almost all of the stocks listed in the benchmark EGX30 were losers, led by Orascom Telecom Media and Technology Holding (OTMT), a retail-dominated share which fell 4.55 percent to trade at LE1.26 a share.
Market bellwether Commercial International Bank (CIB) also slid 1.34 percent to close at LE36.76 a share.
In the telecom sector, Telecom Egypt (TE) was down 2.03 percent to LE13.53 and Global Telecom Holding fell 1.27 percent to LE5.43.
Real estate shares Palm Hills Development Company and TMG Holding were also in the red, falling 2.07 percent and 1.21 percent to trade at LE4.26 and LE9, respectively.
Competitor Six of October Development and Investment Company (SODIC), however, was up 2.58 percent to LE34.23. The company announced on Monday that it was considering expanding its capital in a rights issue worth LE1 billion spread over 250,000 shares at LE4 a share.
Leading Egypt-based investment bank EFG-Hermes saw its share price fall 0.79 percent to LE15.
Daily turnover registered LE813.4 million.
http://english.ahram.org.eg/News/103971.aspx

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