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Egypt main index starts trading week down on profit-taking EGX30 slides 0.57% as Egyptian investors seek to cash in on recent Telecom-led gains while broader EGX70 index swings into the green
Egypt's benchmark EGX30 index was in the red on Sunday, falling 0.57 percent to 8,247 points as investors cashed in after a hike in prices before a national holiday on Thursday. “Now that the spate of good news which pulled up the big stocks last week are past, today's session was ripe for short-term profit-taking,” Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online, told Ahram Online. Global Telecom Holding, which had buoyed the market on Tuesday and Wednesday after news of Russian parent company Vimplecom's settlement with the Algerian government over the long-disputed mobile operator Djezzy, was down 1.34 percent on Sunday to trade at LE5.16 a share. Egyptian investors were the main net-sellers on Sunday, for LE10.5 million, followed by Non-Arab foreign investors for LE4.25 million, while Arab investors were net-buyers. Orascom Telecom Media and Technology Holding (OTMT) also slid 2.27 percent to LE1.29 a share, and Telecom Egypt fell 0.88 percent to LE14.64. In the real estate sector, Palm Hills Development Company was down 1.21 percent to LE4.09 a share, TMG Holding slid 0.33 percent to LE9.04 a share, and Six of October Development and Investment (SODIC) inched down 0.15 percent to LE26.95 a share. Market bellweather Commercial International Bank (CIB) was down 0.22 percent to trade at LE36.93 a share, and Cairo-based investment bank EFG-Hermes fell 0.31 percent to LE12.80 a share. Daily turnover was weak, recording a mere LE634 million, compared to Wednesday's LE980 million. The broader EGX70 index was up 0.15 percent, having been in the red on Wednesday. http://english.ahram.org.eg/News/99945.aspx
