Egypt's Abdalla highlights domestic production, inflation control at Arab banks meeting    Egypt's PM says Gaza war dominating political scene, vows to continue economic reform    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    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Finance Ministry presents three new investor facilitation packages to PM to boost investment climate    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    African trade ministers meet in Cairo to push forward with AfCFTA    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Madrid trade talks focus on TikTok as US and China seek agreement    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 stocks end week of profit-taking in the red
Benchmark index drops 1.16 percent to 9,475 after breaking the 9,500 resistance level the previous week - and bearish trend is expected to continue next week
Ahram Online Published in Ahram Online on 11 - 09 - 2014

Egypt's indices closed in the red on Thursday after a fourth consecutive session of decline this week due to uninterrupted profit-taking reaching record highs.
The benchmark EGX30 index dropped 1.16 percent to 9,475 points on Thursday, after having reached a peak of 9,650 points on Sunday, its highest level in six years after record gains the previous week.
"This is mainly profit-taking, after the market rallied aggressively during the previous week," said Mohamed Radwan, head of equities at Pharos Holding, who expects the bearish trend to resume, after a brief rally, later next week.
The broader EGX70 fell by 2 percent.
Egyptian investors were net-sellers for LE90 million, while Arab and other foreign investors were net-buyers for L26 million and LE64 million, respectively.
Egyptian institutions were also net-sellers for LE109 million.
Real estate share Six of October Development and Investment (SODIC) was the biggest loser in the EGX30, falling 5.51 percent to close at LE47.19 a share.
Palm Hills Development Company was not far behind, shedding 3.61 percent to trade at LE4.27, while TMG Holding fell 1.42 percent to LE11.07.
Telecom Egypt fell 2.61 percent, trading at LE14.55, while Global Telecom Holding was down 0.39 percent to LE5.12.
Metallurgical giant Ezz Steel was down 2.30 percent to LE18.72.
Cairo-based investment bank EFG-Hermes slid 1.65 percent to LE18.49.
Market bellwether Commercial International Bank (CIB) was in the green, inching up by 0.21 percent.
Total turnover reached LE706 million.
http://english.ahram.org.eg/News/110508.aspx

Clic here to read the story from its source.