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Market Report: Heavyweight shares pull EGX30 down 1.3 per cent
Decline in main Bourse index led by telecoms and banks as foreigners re-enter market to offload stock
Ahram Online Published in Ahram Online on 11 - 04 - 2011

Egypt's benchmark stock index fell 1.34 per cent to reach 5,277 points on Monday with an ongoing dip of heavyweight shares fuelled by net sales by institutional traders.
It was the seventh day of losses for the EGX30, coming after weekend clashes in central Cairo and a televised message from former president Hosni Mubarak in which he denied allegations of financial corruption.
"The EGX30 decline was led by the likes of Telecom Egypt, CIB, Mobinil and Ezz Steel, which recorded drops of 1, 2.3, 3 and 2.4 per cent respectively," said Omar Darwish, a financial analyst with CI Capital Securities.
Of 186 listed stocks, 115 dipped in value, 58 rose and 13 remained static in a day that saw LE610.884 million change hands.
The Bourse declined across practically all sectors, although there was a slight rise in the EGX70, which added 0.25 per cent from Sunday's close.
"Trade volumes were slightly higher than yesterday but still relatively low, with individual net buyers at LE38.862 million," said Darwish.
Shares of Orascom Construction Industries (OCI) and Orascom Telecom (OT) continued to dip, losing 1.43 and 1 per cent respectively.
Property developers Palm Hills Development and SODIC are among the prominent losers, down 2 and 0.5 per cent. In contrast, shares in Talaat Moustafa Group Holding saw a slight climb of 0.23 per cent.
"Banks and real estate were the worst performers," said Darwish.
Sinai Cement recovered a little from its 9.6 per cent plunge yesterday but was still in the red, down 4.5 per cent at closing.
Monday's top gainers were the Asek Company for Mining, up 9.83 per cent, and Engineering Industries, up 8.94 per cent.
Beltone Financial and EFG-Hermes broke the decline of the financial sector, finishing 4.9 and 0.9 per cent in the green.
Foreigners represented 45.4 per cent of the day's trades -- a significant step up from the last few days - and recorded LE68 million of net-sales. Egyptians, who made up 49.4 per cent, accounted for LE39.6 million of net buying.

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