Egyptian stocks resumed their decline on Wednesday, as the benchmark EGX30 index fell 1.29 percent and the broader EGX70 index dropped 0.51 percent. "This decline is entirely normal and an indication of a healthy market," said Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, who attributed the fall to momentary profit-taking by investors. Egyptian investors were net-buyers for the session, which saw a turnover of listed stocks at LE497.6 million. Arab and other foreign investors were net-sellers of a combined LE27.9 million worth of shares. Almost the entire EGX30 index was in the red, as market bellwether Commercial International Bank slid 1.18 percent, despite announcing a 51 percent increase in net income for the three month period ending on 30 September. Cairo-based investment bank Egyptian Financial Group-Hermes Holding Company slumped 1.33 percent. In the real estate sector, Six of October Development & Investment (SODIC) fell 2.08 percent, TMG Holding 1.6 percent, and Palm Hills Development Company 1.2 percent. Global Telecom Holding shed 1.18 percent, while Ezz Steel fell 1.34 percent. Telecom Egypt, which announced a 16 percent increase in revenues on Wednesday, saw its share price fall 1.01 percent. GB Auto was the sole gainer in the index, rising 1.24 percent. http://english.ahram.org.eg/News/86368.aspx
