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Egypt stocks down on Arab selling
Published in The Egyptian Gazette on 12 - 09 - 2011

CAIRO - Arab investors' sell-offs on Monday dragged down the three main Egyptian stock indexes, traders said.
Arabs made net sell-offs worth LE15.1 million, while locals and non-Arabs made net purchases worth LE13.9 million and 1.2 million respectively, according to Bourse data.
Spooked investors, concerned with the attack on the Israeli Embassy in Giza last Friday, began abandoning the market as soon as trading opened.
Egypt's main benchmark index EGX30 fell 1.75 per cent to 4,613.51 points. The broader indexes EGX70 and EGX100 also fell, dropping 2.24 and 1.83 per cent to 573.33 and 850.69 points respectively.
Volume totalled LE609 million, they added.
Blue-chip stocks also suffered losses. Egypt's heavyweight Commercial International Bank (CIB) dipped by 2.52 per cent to LE26.71 per share; EFG-Hermes, the country's biggest investment bank by market value, lost 0.94 per cent, slipping to LE16.83 per share.
Orascom Construction Industries plummeted by 0.94 per cent to LE237.48 per share.
Orascom Telecom, the largest Arab mobile operator by subscribers, leapt by 3.39 per cent LE3.42 per share, while Mobinil shed 0.82 per cent, falling to LE93.34 per share.


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