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Market Report: Egypt's major stocks slip 0.1 pct as investors eye civilian rule The Bourse's five-day rally comes to an end as high-cap trades stall in a wave of profit-taking
Egypt's five-day stock rally came to an end on Monday, as investors rolled back their high-cap buys amid talk the country's ruling military is mulling a quicker transfer to civilian power. The benchmark index slipped 0.1 per cent to close out the day at 4,530.7 points, the EGX30's first loss since last Tuesday. "Today's drop could be attributed to profit-taking as investors are slowing down to take a look at how the market will perform in the future," said Ashraf Abdel Aziz, head of institution sales at Arabeya Online Securities. The trading board was splashed equally green and red. From the day's 183 listed stocks, 87 gained value and 85 declined; a state of affairs that boosted the broader EGX70 by 0.75 per cent. Market turnover continued to slide from its LE600 million-high last Thursday, but managed a still respectable LE452.14 million. National Societe Generale Bank was the biggest drag on the bourse, falling 4.1 percent, but it was Egypt's largest listed firm, Orascom Construction Industries, which slid 0.65 per cent with its modest losses setting the tone for much of the day's trade. Orascom Telecom, which was split in two before its relisting on the Bourse, signally failed to match last week's board-topping performance. Despite seeing the day's heaviest trade, the stock's value remained stagnant. Commercial International Bank, long a signal of foreign sentiment, retreated 0.86 per cent, as non-Arab investors trimmed their trade. Making up just under a fifth of the day's total turnover, foreigners were net-sellers to the tune of LE36.25 million. Telecoms operator Mobinil was the main high-cap stock to keep its head held high, soaring 6.7 per cent. That aside, it was more obscure stocks that charted the biggest rises, with Monday's top gainers were Arab Dairy Products, up 7.6 per cent, and Misr Duty Free Shops, which gained 6.7 per cent. "The lower turnover today should not be worrisome -- on the contrary, it is good that the turnover on selling day is lower than on buying days," Abdel Aziz added. "This means that the buying forces in the market are much stronger."
