Egypt index stable on local buying, foreign selling

Daily News Egypt
2 Min Read

CAIRO: Egypt s benchmark CASE 30 index was little changed on Sunday as local investors bought into small cap shares, balancing out some light selling on blue chips by foreigners, traders said.

Local retail investors were all trading on small caps on rumors, trading opportunities and technical trades, while blue chips were all slowed down into sideways movement, a little bit to the downside, said Karim Hosny of Pharos Securities.

Smaller companies like Remco for Touristic Villages Construction and Housing and Development Bank saw their shares surge, rising 7.74 percent to LE 6.68 ($1.21) and 12.16 percent to LE 31, respectively.

Market heavyweight Orascom Telecom was down 1.78 percent at LE 29.77 per share, while Orascom Construction Industries declined 1.72 percent to LE 139.75.

Commercial International Bank dipped 0.51 percent to LE 36.90.

Local investors were the day s only net buyers by LE 72.6 million, and accounted for over 80 percent of the day s trade, according to stock exchange data.

There was some light buying power at the opening… (but) foreign selling pulled the market down, said Dina Negm of Delta Rasmala Securities.

The CASE 30 index was 0.14 percent down at 4,628.08 percent, while the rival Hermes index was 0.23 percent up at 437.30 points. The broader CIBC index was up 2.24 percent at 314.9 points.

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