After three strong sessions, the Egyptian Stock Exchange turned down yesterday due to strong profit-taking by Arab investors. The foreigners and Egyptians continued in purchase process. Egypt's stock exchange benchmark EGX 30 index lost 80 points, down 1.26 % to close at 6174 points. The index declined by some 1.4% in the middle of the session, while the prices index "EGX 70" declined by 0.5% following a decline in closing prices of 110 securities and an increase in the prices of 48 securities. Institutions took over some 25% of total transactions, which exceeded LE1.9 billion.
The prices of leading shares varied. Shares of Orascom Telecom, EFG-Hermes, Orascom Construction, the Egyptian Company for Mobile Services, and Pioneers Holding declined by 0.5%-3%. Shares of El-Nasr for Clothing and Textiles (CABO), Al-Ahly for Development & Investment (AFDI), Talaat Mustafa Group and some shares of the cotton ginning sector increased by 1%-15%.
The shares of the General Paper Industry Co (RAKT), Nile Co. for Pharmaceutical and Chemical Industries (El-Nile), GP Auto, and the Egyptian Electric Cables Company jumped by 6%-10%. The shares of Orascom Hotels and Development, Egyptian Food Company (Bisco Misr), South Cairo and Giza Mills and Bakeries Company declined by 3%-6%.
On the other hand, Al-Arafa for Investment and Consultancies has established a European holding company named "Bairdgroup" to put all the companies Al-Arafa has taken over in the United Kingdom and the Scandinavian countries under the same umbrella.
The holding company has four companies, including Melka International and Aprial. Al-Arafa has 79.5% of the new holding company's shares, while Peter Locks, a shareholder of BMB and board chairman of the new company, has 20%. Mark Cotter, the company's managing director, has 0.5% of the new company's capital.
