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Egyptian stocks follow global markets down - Daily News Egypt

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Egyptian stocks follow global markets down

CAIRO: Key Egyptian stock indexes dropped nearly 3 percent on Tuesday in line with global stock markets, which fell as concerns about the world economy and corporate profits intensified. Traders also said investors were locking up profit on some Egyptian blue-chip shares, pulling the benchmark CASE 30 index down 2.95 percent to 3,625.60 points. The …


CAIRO: Key Egyptian stock indexes dropped nearly 3 percent on Tuesday in line with global stock markets, which fell as concerns about the world economy and corporate profits intensified.

Traders also said investors were locking up profit on some Egyptian blue-chip shares, pulling the benchmark CASE 30 index down 2.95 percent to 3,625.60 points.

The rival Hermes index dipped 2.76 percent to 344.72 points and the broader CIBC index lost 2.64 percent to 239.4 points.

It is in line with European stocks, said Mohamed Fouad, executive director at Global Capital.

Shares in regional mobile phone operator Orascom Telecom fell 8.3 percent to LE 19.99 ($3.58). Orascom Construction Industries, Egypt s largest listed builder, shed 4.9 percent to LE 109.48 a share.

Mohamed Kotb, director of asset management at Naeem Financial Investment, said the benchmark index had touched a resistance level at around 3,730 points during the session, triggering a sharp sell-off.

Equity markets in Europe have not performed very well since yesterday and we also touched a very strong resistance level here, he said.

Some banking sectors held their ground, with Egypt National Societe Generale ending unchanged at LE 13.86 after the management said it has approved a 1-for-10 stock dividend, increasing the bank s capital by LE 302.9 million.

Commercial International Bank rose 0.03 percent to LE 34.90.

Topics: FJP

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https://www.dailynewsegypt.com/2009/02/17/egyptian-stocks-follow-global-markets-down/
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