Masress : Egypt's stocks continue slide on profit taking, SODIC rights issue

Egypt partners with Google to promote 'unmatched diversity' tourism campaign Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary Taiwan GDP surges on tech demand World Bank: Global commodity prices to fall 17% by '26 Germany among EU's priciest labour markets – official data UNFPA Egypt, Bayer sign agreement to promote reproductive health Egypt to boost marine protection with new tech partnership France's harmonised inflation eases slightly in April Eygpt's El-Sherbiny directs new cities to brace for adverse weather CBE governor meets Beijing delegation to discuss economic, financial cooperation Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders Cabinet approves establishment of national medical tourism council to boost healthcare sector Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance Egypt's Foreign Minister calls new Somali counterpart, reaffirms support "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum Two new recycling projects launched in Egypt with EGP 1.7bn investment Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role Egypt pleads before ICJ over Israel's obligations in occupied Palestine Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10 Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates EHA explores strategic partnership with Türkiye's Modest Group Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations Egypt's PM follows up on Julius Nyerere dam project in Tanzania Ancient military commander's tomb unearthed in Ismailia Egypt's FM inspects Julius Nyerere Dam project in Tanzania Egypt's FM praises ties with Tanzania Egypt to host global celebration for Grand Egyptian Museum opening on July 3 Ancient Egyptian royal tomb unearthed in Sohag Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year Egyptian Minister praises Nile Basin consultations, voices GERD concerns 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 continue slide on profit taking, SODIC rights issue
Profit taking ahead of holidays and reshuffling of LE1 billion SODIC rights issue drive main index down to 9,427 points on Sunday amid weak turnover

Ahram Online Published in Ahram Online on 14 - 09 - 2014

Egypt's shares slid on Sunday as investors sought to cash in on profits after a six year high earlier this month and gain liquidity in anticipation of an important rights issue by property developer Six of October for Development and Investment (SODIC).
The main EGX30 index ended the trading session down 0.51 percent at 9,427 points, as blue chips fell.
Market bellwether Commercial International Bank (CIB) was down 1.61 percent to trade at LE47.14, metallurgical giant Ezz Steel slid 1.82 percent to LE18.38 and Cairo-based investment bank EFG-Hermes fell 0.81 percent to LE18.34.
Total turnover of listed stocks registered a modest LE501 million.
The slide is a continuation of the previous week's profit taking, Ahmed Hakam, fund manager at Cairo-based HC Securities, told Ahram Online.
A rights issue by SODIC for LE1 billion – divided over 250,000 shares at LE4 per share and due to start on 1 October – is also pushing investors to seek liquidity, says Hakam, who expects profit taking and modest turnover to continue over the coming weeks with the approach of the national 6 October holiday and the Islamic Eid holiday in early October.
In the real estate sector, SODIC itself was down 1.14 percent to trade at LE46.65 and the largest listed developer TMG Holding fell 0.36 percent to LE11.03. Palm Hills Development Company saw its share price rise 1.41 percent to LE4.33.
Telecom Egypt fell 1.72 percent to trade at LE14.3, while Global Telecom Holding was up 1.56 percent to LE5.2.
The broader EGX70 index rose 1 percent.
http://english.ahram.org.eg/News/110725.aspx

Clic here to read the story from its source.