Egypt's stocks put up a weak performance on Monday as investors lost their appetite at the year's end. EIssa Fathy, the vice head of securities division at Cairo Chamber of Commerce told Ahram Online that even if stocks dip ahead of the New Year they would rebound soon. “I think stocks will significantly turn up again in January and that is commonly known among experts as January effect,” Fathy said. The market benchmark EGX30 inched up 0.12 percent recording 6,782 points in a session that saw a modest turnover of listed securities worth at LE294 million. The broader index EGX70 rose 0.92 percent. Arab investors were the only net-buyers, totaling LE9 million, while Egyptians and foreigners were net-sellers to the tune of LE223,000 and LE8.9 million, respectively. The market bellwether Commercial International Bank (CIB) registered losses declining 0.4 percent to close at LE32.55 per share. In real estate, shares of Talaat Mustafa Group (TMG) and Six of October Development and Investment (SODIC) were up 1.6 and 0.04 percent respectively, recording a price per share at LE6.25 and LE22.59 one-to-one. Palm Hills Development remained unchanged from Sunday's trading at LE2.65 per share and Global Telecom also held at LE4.74 per share. http://english.ahram.org.eg/News/90432.aspx
