CAIRO: Egypt's main index slipped 1.3 percent on jitters about international markets, with broad losses but little interest, especially from regional Arab investors. Palm Hills Developments ended down 5.5 percent, Ezz Steel shed 5.2 percent and EFG-Hermes slipped 2.6 percent. "There is some pressure and there are unfinished sell orders as well," said Karim Hosny from Pharos Securities. "Today is considered a good (volume) day relative to the past week." Just over LE 626 million worth of stock changed hands. In more robust months, LE 1 billion market turnover is considered decent. Egypt's largest listed firm, Orascom Construction, traded in very low volumes, 10 percent less than its already reduced five-day average. Foreign and institutional investors were eyeing upcoming results from Goldman Sachs and European bank stress tests before committing to positions in Egypt, Hosny said. Regional interest in the Egyptian market has folded and retail locals are also staying away, he added. He said an 8 million share cross-trade on Talaat Moustafa Group, up 0.7 percent, pushed up its volume. The index ended down 75.5 points at 5,914 points.
