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Market Report: Bourse slips, ignoring Egypt's new cabinet Egyptian stocks continue their slide despite the swearing-in of the long awaited new cabinet, finishing the week in the red
Egyptian stocks finished marginally in the red for the second day on Thursday with the EGX30 benchmark losing 0.11 per cent to reach 5,136.78 points. After a weeklong series of ministerial changes, the new Cabinet, led by Prime Minister Essam Sharaf, was finally sworn in on Thursday by Field Marshal Hussein Tantawi, head of the Supreme Council of the Armed Forces. The news failed to saved the market from slipping to its lowest level in a week, with a weak market turnover amounting to LE 383.2 million and sectors split between red and green. Heavyweights were unable to become top market gainers. Of 181 listed stocks only 78 gained and 92 declined. Market heavyweights showed moderate decline. Ezz Steel slipped 1.1 percent to LE9.65 per share, while Orascom Construction Industries retreated 6 per cent. Shares in the troubled property giant the Talaat Moustafa Group fell 0.89 per cent. The construction and telecoms sectors saw the market's highest activity, making up 24 and 16.4 per cent respectively. Egyptians continued their high buying activity to account for 79.8 per cent of trade.Foreigners, meanwhile, continued their characteristically limited selling posture with net sales of LE23.3 million.
