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Egypt's main index continues to tumble on profit taking
Profit taking drives down Egypt's main index Sunday in anticipated selling after Abdel-Fattah El-Sisi confirms his presidential bid
Ahram Online Published in Ahram Online on 30 - 03 - 2014

Egypt's benchmark index, the EGX30, continued to tumble Sunday, slipping 1.93 percent to register 8,092 points.
Last week ended in a significant drop for the index following the long-anticipated announcement by former army chief Abdel-Fattah El-Sisi that he would run for the presidency.
Throughout the past few months, the stock exchange has made considerable gains, breaking new levels in turnover and index points.
“The market is falling due to profit taking, expected as the rumour of El-Sisi's candidacy was confirmed,” Mohamed Metwally, an equity trader at Cairo-based Prime Securities, told Ahram Online.
Listed stock turnover reached LE741 million ($67.6 million), which is almost half the record of LE1.5 billion ($215 million) in the previous session.
The market slippage was driven mainly by the majority of Egyptian investors net selling in the tune of LE23.7 million ($3.4 million).
Both Arab investors and other foreign investors were net buyers.
Eastern Tobacco, El-Sewedy Electric and Telecom Egypt (TE) were the only gainers in the EGX30 index.
Eastern Tobacco inched up a modest 0.01 percent to LE170 ($24.4) per share, El-Swwedy Electric was up 0.15 percent to LE34.45 ($4.9) per share, and TE rose 1.12 percent to LE17.25 ($2.47) per share.
Market bellwether Commercial International Bank dropped 1.43 percent to LE37.48 ($5.37) per share.
Other significant decliners included Orascom Telecom Media and Technology and real estate company Palm Hills Development, falling 3.55 percent to LE1.35 ($0.19) per share and two percent to LE3.91 ($0.56) per share respectively.
The broader EGX70 index fell 1.47 percent.
http://english.ahram.org.eg/News/97896.aspx

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