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Egypt stocks end week of gains in red as investors cash in EGX30 down 0.45% amid steadfast daily turnover and non-Arab foreign buying as some investors cash in on week's gains
Egyptian stocks were in the red on Thursday as the market rectified itself after a week of gains. The main EGX30 index closed on a 0.45 percent loss at 8,457 points, after dipping sharply by 1 percent close to mid-session then recouping some of its losses. "It was expected that the market would see profit-taking and some decline today, after yesterday's session witnessed a slide towards the end of the session," Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online. A correction was also due, according to Fathy, after continuous gains this week, following a statement by rating agency Fitch on Tuesday, approving of last week's controversial decision by the Egyptian government to raise state-subsidised fuel and gas prices in an effort to rein-in the country's deficit. The telecom sector was down, as Global Telecom Holding shed 2.78 percent of its share price to trade at LE5.24 a share, and state-owned fixed line operator Telecom Egypt fell 1.33 percent to LE13.36. Orascom Telecom Media and Technology Holding (OTMT) was down 1.57 percent to LE1.25. In the real estate sector, Six of October Development and Investment (SODIC) fell 1.33 percent to LE37.01, Palms Hills Development Company slid 1.18 percent to LE4.17, TMG Holding fell 1.09 percent to LE9.07. Market bellwether Commercial International Bank (CIB) however, rose 1.66 percent to trade at LE37.37, in a session for which non-Arab foreign investors were net-buyers at LE11.6 million, followed by Egyptians at LE11.5 million. EFG-Hermes, recently subject to a failed tender offer at LE16 a share, saw its share price decline further on Thursday by 1.75 percent to LE14.62. An offer made last month by Cairo-based Beltone Financial and Egyptian billionaire Naguib Sawiris only managed to attract 48 percent of the 20 percent stake it had sought in EFG-Hermes on the last day of the offer earlier this week. Daily turnover remained relatively strong, at LE651 million, reflecting investor confidence in the market. The broader EGX70 index was down 0.55 percent. http://english.ahram.org.eg/News/105933.aspx
