Egypt bourse slips, unaffected by Cabinet reshuffle

Egypt’s stocks slightly declined in Sunday trading as domestic and foreign investors have taken profits due to the last three green sessions. The main index EGX30 is down 0.01 per cent, recording 5,733.97 points in a session that has not been affected by the partial cabinet reshuffle announced by Prime Minister Hisham Qandil. Egyptians and foreign investors were net-sellers with LE19.6 million and LE2 million respectively. The broader index EGX70 rose by 0.01 per cent, buoyed by Arab purchases, which were worth LE21.6 million. The total daily turnover recorded some LE476 million. “The daily turnover was good given that it is the beginning of the week,” said Mostafa Badra, a capital market expert. Blue-chip Commercial International Bank rose by 1 per cent, while the other heavyweight share Orascom Construction Industries slumped 0.02 per cent. Securities shares did well, as Citadel Capital and EFG-Hermes increased by 1.7 per cent and 0.8 per cent respectively. Property shares Talaat Mostafa Group and Six of October Investment and Development tumbled by 0.4 and 1 per cent respectively. Badra told Ahram Online that investors are waiting to know the results of Monday’s meeting between the Egyptian government and the International Monetary Fund’s officials to continue discussions over the $4.8 billion loan. From Ahramonline