No news is bad news for Egypt's stock exchange. The benchmark index, EGX30, ended Wednesday's session in the minus column, shedding 0.5 per cent, to 6908 points. Memphis Pharmaceuticals issued a statement denying that the stock's current rise has anything to do with important company events. The company refuted any speculations on future plans, including expansions, mergers or changes in capital. "This announcement marked the transition path from gains to losses, as a lot of investors rushed to sell the company's shares," said Fathy Issa, managing director of Egyptians Abroad Portfolio Management. There were too many gains to reap before the end of the week, as the market rose at the beginning of the trading week. These early gains were another driving force behind the bearish market. “Profit taking, especially of the heavily-traded Commercial International Bank, led foreigners to sell," explained Issa. Orascom Telecom Holding (OTH) continued its high performance for the second session in terms of value and volume, after trading 14.3 million shares at an overall value of LE61.7 million. Nationals, who dominated 72 per cent of transactions, took over some of foreigners and Arabs market shares. Retail investors, who tended to sell, controlled two-thirds of total trading, while institutional traders went on a buying spree. Tracking stock movement, Egyptian Chemical Industries (Kima) was the top mover on the upside, soaring up 5.8 per cent, to LE355. It was followed by Housing & Development Bank, which surged by 5 per cent, to reach LE24. At the other end, Memphis Pharmaceuticalswas the biggest drag on the overall index, plunging - 12.7 per cent, to LE37. It was followed by El Shams Housing & Urbanization, which dropped by 4.9 per cent, down to LE5.2. Most sectors ended on a red note today. Financial Services (excluding Banks) were the most active, dominating around 20 per cent, or over LE 40.8 million. The sector was followed by Real Estate,which controlled 17.2 per cent, or over LE38.6 million. The EGX 70 for small and medium business continued its descent since the beginning of the trading week, to close on a slight bent of 0.27 per cent, reaching 722 point.
