Egypt’s market down as Egyptians net sellers

Egypt’s stocks went down slightly on Monday as domestic investors shifted to sellers. The main index EGX30 lost 0.03 percent to register 8,305.56 points. 

After several sessions as net buyers, Egyptians became net sellers for profit taking. Non-Arab foreign investors were also net sellers, while Arabs were the  only net buyers, recording a flow of LE38.4 million ($5.4 million).

Turnover was up compared to Sunday, reaching LE 888.8 million ($126.9 million).

Market bellwether Commercial Bank of Egypt (CBI) lost 0.43 percent to LE37.21 a share.

The telecommunications sector led the market in terms of turnover, with Global Telecom Holding gaining 1.52 percent to LE 5.34 a share and Orascom Telecom Media and Technology Holding (OTMT) up 1.56 percent to LE1.30 a share.

However, Telecom Egypt (TE) dropped 0.14 percent to LE14.79 a share – against news that the company’s board of directors has agreed to pay LE2.5 billion ($356.76 million) for a mobile licence that is expected to increase revenues for the monopoly fixed-line operator.

Financial services excluding banks were gainers, with EFG Hermes and Amer Group Holding up 0.15 percent to LE13 a share and 1.63 percent to LE 1.87 a share respectively. Pioneers Holding gained 0.15 percent to close at LE13.35.

Out of 173 stocks traded during the day, 85 declined and 53 gained in value.

The broader index EGX70 lost 0.34 percent.