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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
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
