Egypt will keep pushing for Gaza peace, aid: PM    EGX ends week in green on Wednesday, July 23    Kibing Group plans $685m solar glass plant in Egypt's Sokhna – SCZONE chair    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    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    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    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, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    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 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.



OCI plunges, pulls CASE 30 to 11-month low
Published in Daily News Egypt on 12 - 08 - 2008

CAIRO: Orascom Construction Industries posted its sharpest single day decline in at least two years on Tuesday, pulling Egypt s benchmark index to an 11-month low.
Shares of OCI, Egypt s largest listed builder, last traded 7.7 percent lower at LE 330 ($62). The CASE 30 index extended losses to a fourth straight session, closing 2.8 percent down at 8,252.81 points, its lowest since Sept. 13.
This is across the board selling reflecting a regional trend as foreign funds could be reshuffling investments to other emerging markets, said Aly Allouba, head of sales and trading at Shuaa Capital in Egypt.
Markets in Dubai, Abu Dhabi, Bahrain and Kuwait also dipped.
The fundamentals don t justify what s happening but there are no fresh funds pumped into the market, he added.
Other big caps also suffered as Orascom Telecom fell 5.8 percent to LE 51.25. Pioneers Holding lost 4.6 percent to LE 16.70.
Talaat Moustafa Group, Egypt s largest real estate company by market value, declined for the fourth straight session, shedding 4.1 percent to last trade at LE 6.58.
Talaat Moustafa shares, down more than 30 percent this year, have tumbled about 15 percent since Thursday on media reports about company chairman Hisham Talaat Moustafa, brokers said.
The company has denied unspecified rumors about the chairman but officials have declined to comment in detail.
The company said on Tuesday its board approved a share buyback of up to 4.9 percent of its shares from the open market, saying it was a good investment opportunity for its extra cash. The move has still to be approved by the regulator.
This could support the stock, which in fact has good fundamentals, said Amr Alaa of Prime Securities.
The Hermes index fell 2.6 percent to 719.32 points. The broader CIBC index shed 1.4 percent to 405.62 points. -Reuters


Clic here to read the story from its source.