Retail selling pulls stock market lower

Daily Star Egypt Staff
1 Min Read

CAIRO: A slump in EFG-Hermes shares pulled the wider Egyptian stock market lower on Monday, with a sell-off by small investors expecting a further drop in stock prices weighing on the bourse, traders said. There s a lot of selling pressure, retail is continuing to sell across the board, one trader said. They could not say what was fuelling the expectation of a further dip in stock prices. By 09:20 GMT, shares in EFG-Hermes were 12.3 percent lower at LE 40.30 ($6.98). The benchmark Hermes index dipped below the 50,000 mark for the first time since mid-March. It was down 3.5 percent at 49,509.41 points. The Case 30 index was 3.8 percent lower at 5,709.65 points. The CIBC index was off 1.3 percent at 214.72 points. Shares in Orascom Telecom, which is due to release first quarter results on Monday, were down 3.8 percent at LE 270. Reuters

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