CAIRO: The Egyptian stock indexes dropped today largely due to large sell-offs by Egyptian shareholders. The indexes fell despite an Arab and foreign investor-purchasing rally in the second session of today's trading. Trading volume was very weak, reaching only 231.3 million EGP (U.S. $38.7 million). The main stock index EGX 30 closed at 4,631 points to record 23 percent while the EGX 70 and EGX 100 indexes fell by 0.14 percent and 0.24 percent, respectively. Egyptian traders took 79.94 percent of total transactions today, achieving 5.9 million EGP (U.S. $986,622). Foreign traders took 14.5 percent of the market, gaining 4.09 million EGP (U.S. $683,946) and Arab traders took the remaining 5.56 percent of today's transactions, netting 1.8 million EGP (U.S. $301,003). Many blue-chip stocks suffered losses today, including Pioneer, falling 4.8 percent; Ezz Steel, falling 0.24 percent; SODIC, losing 0.47 percent; Telecom Egypt, losing 0.47 percent; Mobinil, losing 0.30 percent; Talaat Mustafa, falling 0.51 percent; AJWA, falling 1.1 percent; Orascom Construction, losing 0.67 percent; and Elsewedy Electric, losing 1.8 percent.
