Egypt's stocks slumped during Monday's session as investors sought profits and foreigners became net sellers following 21 consecutive sessions of being net buyers, according to an analyst. The benchmark index EGX30 dropped a significant 1.35 percent to record 9,316 points. Non-Arab foreign investors were net sellers for the first time in the past few months to the tune of LE9.6 million, while both Egyptians and Arab investors were net buyers. "The main index dropped as investors were making profits, which was expected following EGX30's recent gains,” Eissa Fathy, vice head of the securities division at the Cairo Chamber of Commerce, told Ahram Online. Daily stock turnover registered LE810.9 million. Market bellwether Commercial International Bank (CIB) made considerable losses, falling 2.45 percent to LE45.5 per share. Egypt's largest investment bank Egyptian Financial Group-Hermes (EFG-Hermes) significantly dropped by 3.65 percent to LE17.26 per share and financial services company Pioneers Holding declined 3.07 percent to LE15.19 per share. In the financial services sector, Amer Group Holding also registered losses and declined by 1.44 percent to LE1.36 per share. Steel manufacturer Ezz Steel, which reported net losses of LE45.4 million in the second quarter, saw its share price drop 1.16 percent to LE17 per share. In the real estate sector, Talaat Moustafa Group (TMG) Holding, fell 1.62 percent to LE9.75 per share, Palm Hills Development (PHD) Company decreased 1.36 percent to LE4.3 per share and Six of October for Development and Investment Company (SODIC) inched down 0.84 percent to LE43.23 per share. The broader index EGX70 fell 0.93 percent. http://english.ahram.org.eg/News/108709.aspx
