Egyptian Tourism for Resorts leads dip in Egypt shares

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CAIRO: Egyptian share indexes edged down on Tuesday led by Egyptian Tourism for Resorts which saw its stock hit by profit-taking as the session s most heavily traded share by volume, traders said.

Egyptian Tourism for Resorts had one of the heaviest volumes in trade I have seen, said Hashem Ghoneim of El Nour Securities.

The stock has gone up in the past two weeks from LE 18 to almost LE 28, leading to profit-taking today, Ghoneim said. Traders said retail investors had begun to buy up stock in Egyptian Tourism after the company split its shares on Jan. 29, and were selling the stock on Tuesday after its recent highs. Its shares closed 5 percent down at LE 25.32 per share.

Traders also said iron producers had issued a warning about an impending decline in the supply of iron in Egypt, which adversely affected the real estate and steel sectors on Tuesday.

In the real estate sector, Sixth of October Development and Investment fell 3.9 percent to LE 147.01, while both Alexandria Real Estate Investment and Heliopolis Housing fell 5 percent to close at LE 181.47 and LE 160.56 respectively.

In the steel sector, Ezz Dekheila Steel fell 0.85 percent to close at LE 1,006.01.

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By Reuters
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