Market Report: Egypt stocks slip 0.03 per cent ahead of Eid holiday

Mixed performances for high-cap stocks send the main index fractionally into the red as analysts hail an encouraging uptick in trade

Egypt's major stocks slipped fractionally into the red on Monday, as previously bullish investors eased back on their recent high-cap buying spree in preparation for the exchange's four-day Eid holiday.
The benchmark EGX30 traded firmly in the green for much of the four-hour session before sliding 0.03 per cent to close at 4,451 points.
“Today's small drop is to be expected ahead of long vacations," says Mostafa Badra, a capital markets expert.
The stock exchange will close on the afternoon of Thursday 3 November and not reopen until the following Tuesday, marking the celebrations of Eid Al-Adha, the annual Islamic festival.
"Investors are not keen to take new positions because the Bourse and banks will be shut down for four days in the coming weeks," explained Badra. "Some investors prefer to take out some cash ahead of stoppages."
Despite Monday's slip, Badra maintains that the Bouse is performing well.
"Foreigners were very active in today's session, and turnover was quite high. These are all positive indicators," he said.
Non-Arab investors made up 34.2 per cent of trade in Monday's session, net-buying some LE36.3 million of stocks.
Total turnover was LE347.098 million, with the financial sector making up 20 per cent of traded stocks.
From a total of 184 listed shares, 124 lost value and only 38 gained. Sectors were nearly equally divided between red and green, reflected in the performance of the broader index.
The EGX70 dropped almost 1 per cent, which Badra attributes to the "confusion" of smaller, individual investors.
On the other hand, several major stocks saw what he called "balanced and mature trading" from institutional investors.
Orascom Telecom (OT) and Mobinil were the day's major gainers, rising 1.83 and 2.43 per cent respectively.
Egypt Aluminum company, the country's largest firm of its kind, was the day's biggest loser, plunging nearly 10 per cent to close at LE27.86 per share.
Demand for the share plummeted as Sunday marked the last day for stockholders to claim dividends.
Falls for the Commercial International Bank, down 0.6 per cent, and the Talaat Moustafa Group -- which lost a hefty 2.7 per cent -- managed to smother the gains of other high-caps.
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