Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Stocks fall as investors focus on charts
Published in Daily News Egypt on 13 - 06 - 2006


CAIRO: Egyptian stocks slipped for a third session in a row on Monday, with selling by pessimistic small investors concerned more with charts than fundamentals weighing across the market, traders said. The benchmark Hermes index ended 2.6 percent lower at 45,092.70 points, 35 percent off its Jan. 23 record of 69,830.78. The Case 30 index ended 3.1 percent lower at 5,035.73 points and the CIBC-100 index fell 2 percent to 194.64 points. It s retail investors who are running market, but they are not positive and the sentiment is down, one trader said. On paper the companies look good but there s no appetite, he said. Hashem Ghoneim, CEO of El Nour securities, said: People are putting fundamentals aside and concentrating on charts. Shares in EFG-Hermes, one of the most actively traded stocks, fell 6.2 percent to LE 28.71 ($4.98). Telecom Egypt dipped 1.3 percent to LE 13.30. Orascom Telecom dropped 1.6 percent to LE 263 and Vodafone Egypt fell 0.9 percent to LE 84. Ezz Steel Rebars was off 4.2 percent at LE 45.84. Reuters

Clic here to read the story from its source.