Egypt's main index closed in the red on Sunday after a session of ups and downs, as neighbouring financial markets tumbled on an OPEC decision to let global oil prices fall. The benchmark GEX30 index closed 0.19 percent down to 9,308 points, after hitting a peak of 9,332 points earlier in the session. Stocks had initially dipped to 9,287 points early in the session, before being buoyed by local buyers by mid-session, only to slide again towards the end as the downward regional trend proved too strong. Gulf markets felt the sting of an OPEC decision last Thursday to maintain export quotas in the face of tumbling oil prices worldwide, with Saudi and Dubai stocks falling 4.7 percent. Arab investors were the main net-sellers for LE66.4 million, followed by other foreigners for LE5.3 million, while Egyptian investors were net-buyers for LE71.8 million. Total turnover of listed stocks for the session reached LE633 million. Retail stock Orascom Telecom Media and Technology Holding dominated the index, rising 2.31 percent while accounting for almost 40 percent of main index turnover. "Recent decisions from the company's board of directors hinting at expanding into logistics and renewable energy sectors have whetted retail appetite for the stock,” Mohamed Radwan, head of Equities at Cairo-based Pharos Holding, told Ahram Online. Real estate stocks were the main losers. Property developer SODIC slid 0.07 percent to LE15.33, Palm Hills Development Company 0.47 percent to LE4.28 and TMG Holding 0.88 percent to LE10.14. "The real estate sector is falling because it was one of the best performers this year, and is a liquid and volatile sector," Radwan told Ahram Online. Fixed line operator Telecom Egypt fell 1.32 percent to LE14.23. Market bellwether CIB inched down 0.12 percent to LE49.49. The broader EGX70 index fell 0.23 percent. http://english.ahram.org.eg/News/116835.aspx
