Masress : Egypt stocks slip into red amid sluggish trade

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Egypt stocks slip into red amid sluggish trade
Main index dips 0.3 per cent and volumes tumble after a weekend marked by Tahrir clashes

Ahram Online Published in Ahram Online on 14 - 10 - 2012

Egyptian stocks slipped into the red on Sunday with trading volume tumbling to its lowest level in months after a weekend of Tahrir violence and judicial confusion.
The benchmark EGX30 slipped 0.28 per cent to close at 5,723 points, continuing the middling performance it has tracked over the last few weeks.
Over a hundred people were injured on Friday when pro and anti-Muslim Brotherhood protesters clashed on Cairo's Tahrir Square. Earlier that week, heated debate over the supposed resignation of Egypt's prosecutor-general, which brought President Morsi into conflict with some of the country's judiciary.
From the 179 stocks traded on Sunday, 120 lost value while just 40 gained. The broader-based EGX70 dippled 0.83 per cent.
Total turnover was just LE383 million, around a third of the level recorded just a few weeks, signalling a rapid decline in appetite for Egyptian stocks, particularly among local investors.
Commercial International Bank and Palm Hills Development were among the more active shares, dropping 0.62 and 0.38 per cent, respectively.
Egypt's largest listed firm Orascom Construction Industries wasn't far behind, falling 1.09 per cent and deepening last week's losses which were triggered by rumours it may face trouble over tax payments.
Private equity firm Citadel Capital was the most prominent exception, climbing 1.92 per cent to close LE4.24 per share.
Investment bank EFG-Hermes gained 0.6 per cent to close at LE11.78 per share.
Recent company announcements had a mixed effect on shares.
Tile-maker Lecico Egypt announced plans to invest $7.5 million in a new plant near Alexandria, but still saw its shares finished the day down 0.62 per cent.
Landline monopoly Telecom Egypt announcement that it is to put $30 million into extending its sub-sea cable connection between Egypt and Cyprus, however, was met by a 0.66 rise in share value.
Egyptians were the day's main sellers, offloading LE19.668m more in stocks than they bought. Non-Arab foreigners, who made up just 6 per cent of Sunday's trade, were net-buyers to the tune of LE16.06m.
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