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Egypt stocks ebb 0.4% following last week's whopping gains EGX30 slides 0.4 percent after last week's gains in wake of Morsi ouster; analysts attribute Sunday's slight losses to profit-taking, fears of political violence
Egypt stocks closed down Sunday as investors benefitted from last week's whopping gains following the military's ouster of president Mohamed Morsi. Egyptian and foreign investors were net sellers at some LE4.1 million and LE22.2 million respectively. "They sold as part of the profit-taking process," said Ashraf Abdel-Aziz, head of institutional sales at Arabeya Online Securities. Net selling negatively affected market bellwethers Commercial International Bank, Orascom Construction Industries and Orascom Telecom, which fell by 1, 0.1 and 0.6 percent respectively. Abdel-Aziz told Ahram Online that, alongside profit taking, recent violence between pro- and anti-Morsi protesters also contributed to Sunday's slight losses. Arab investors, meanwhile, were net buyers at some LE26.4 million, suggesting their support for Morsi's ouster. The main EGX30 index slid by 0.4 percent to record 5,311 points in a session that saw LE534.8 million in total turnover. The broader EGX70 index, for its part, inched upward by 0.5 percent. Property stocks all fell for the day except for luxury property developer Palm Hills, which rose by 9 percent to close the session out at LE2.2 per share. http://english.ahram.org.eg/News/75958.aspx
