Egypt benchmark index EGX30 partly reversed yesterday's upturn to drop 1.3 per cent, reaching 5.333 points in Monday trade. “It was expected after the 3 per cent jump in Sunday's session … it is time for [investors to sell off and take] profit-gains,” says Bassem Khairy, financial analyst at Profit Securities. Egyptians were net-buyers of LE45.3 million worth of stock, compared to foreigners and other Arabs who were net-sellers of LE37.5m and LE7.8m respectively. The broader EGX70 index maintained its Sunday rise, gaining 0.4 per cent on the steady trade of individuals who were net-buyers to the tune of LE28.8m. “The majority of climbing shares supported the EGX 70, such as Ismailia Misr Poultry which reached the first place in the top gainers list, up 9.5 per cent,” Khairy says. Of 179 listed stocks, 34 gained and 138 declined in equity trades worth a total of LE 635.9m -- surprisingly large turnover given the dip of the main index. Healthcare and pharmaceuticals, up 1.1 per cent, was the only sector to post a rise. “Dividend payments are coming up in line with the announcement of first quarter net profits for these companies," says Khairy. The construction and real estate sectors, on the other hand, were top losers, down 1.8 per cent and 1.59 per cent correspondingly. Palm Hills was the one heavyweight share in the green with a 0.98 per cent rise, but the rest all dipped. Orascom Development looked set to be another heavy-cap survivor until stock exchange authorities suspended trade in its stock at 2.00pm, awaiting an announcement on the firm's AGM held today. “Orascom Telecom was negatively affected of its 1.08 per cent loss of Gross Deposit Receipts, dipping by 2.2 per cent,” Khairy explained.
