Egypt, Jordan explore joint projects in water, food, and energy sectors    PM reviews measures to streamline tourist entry at airports, border crossings    Madbouly, EBRD president discuss expanded economic cooperation    Egypt's Al-Sisi meets Bohra Sultan, discusses cooperation, regional role    Israel expands Gaza offensive, drawing international condemnation    Egyptian FM addresses Arab Women Organization Conference opening    Egyptian pound closes high vs. US dollar – CBE    Australia's services PMI slows to 51 in April '25    Egypt condemns attacks on infrastructure in Sudan    Egypt's CBE auctions EGP 5b in FRN T-bonds    Egypt's pharma market hits EGP309b in '24 – EDA Chairman    Egypt, Comoros pledge stronger economic ties, call for unified African voice on global issues    Egypt, Saudi Arabia deepen health sector cooperation with comprehensive MoU    India suspends all Pakistani imports indefinitely    White House to cut NASA budget    Egypt's UHIA launches 1st electronic medical pricing system    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    EU ambassador commends Aswan's public healthcare during official visit    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Cabinet approves establishment of national medical tourism council to boost healthcare sector    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Market Report: Egypt shares dip 1 pct amid new wave of profit-taking
Exchange sees a modest retreat, its first in three days, as canny investors cash in high-cap shares to take advantage of recent gains
Published in Ahram Online on 27 - 02 - 2012

Egypt stocks saw a marginal retreat on Monday as investors reacted to recent across-the-board gains with a wave of profit-taking on high-cap shares.
The benchmark EGX30 finished Monday down 0.97 per cent at 5,218.4 points, a relatively small fall after two sessions of healthy gains.
The index surged 2.5 per cent on Sunday following the release of better-than-expected financial results for major firms.
"The drop is normal after the EGX30 gained more than 5 per cent in the last two sessions," said Eissa Fathy, vice president of the securities division in Cairo's Chamber of Commerce. "It's common for profit-hunting slows the bourse a little bit."
Fathy said the fact the drop was just 1 per cent suggested the market will quickly recover.
"The EGX30 might reach 5,400 points in the coming few sessions," he predicted.
From the 184 stocks traded on Monday, 60 gained in value and 113 declined while 11 held their values. Most of the market's high-cap shares witnessed drops.
Total market turnover was LE619.73 million, with Egyptian individual investors again being the most active buyers. Non-Arab foreigners were net-sellers of LE22.64 million worth of stock.
Orascom Construction Industries (OCI), Orascom Telecom Holding (OTH) and Commercial International Bank (CIB) fell by 0.62, 1.74 and 2.67 per cent respectively.
"These [high cap] stocks are floating around their current price levels after they witnessed major increases in recent weeks," Fathy explains.
"OCI, for example has surged from under LE250 per share. It is expected to slow down after its price gained some LE20 pounds. The same goes from CIB and OTH."
OCI closed the day's trading at LE268.7 per share. OTH at LE3.96 and CIB at LE24.81.
Mobile services firm Mobinil, which has led the market following news about an imminent change in ownershop, saw its shares drop 1 per cent to close at LE172.94.
The company's main owners, French Telecom (FT) and Orascom Telecom Media Technology (OTMT), recently announced that FT would increase its stake to 95 per cent, buying out OTMT at LE202.5 per share.
This would mean a 15 per cent profit for those holding the share today.But a second consecutive drop for Mobinil shares shows the company is struggling to capture market sentiment.
"It seems that there are some doubts about the conclusion of the deal, as the Egyptian Financial Supervisory Authority has not approved it yet," Fathy added.
There was drama, too, with Palm Hills Development (PHD), Egypt's second-largest listed real estate developer, which gained 1.78 per cent to close at LE2.29 per share.
Earlier on Monday, the company gained a colossal 7 per cent -- an upsure in interest that prompted it to send a statement to the exchange to say there was no major news concerning the company that was driving the growth.
"It could be normal speculation by traders or just anticipation of a positive outcome in the case relating to the company's land," Fathy suggested.
PHD has seen legal challenges to its vast land bank over the last year. The company is currently appealing a court order that annulled its ownership of a plot in New Cairo suburb. The final court decision is expected on 4 April.


Clic here to read the story from its source.