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Egypt index inches down after 3-week rally - Daily News Egypt

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Egypt index inches down after 3-week rally

CAIRO: Egypt s benchmark index edged down 0.4 percent, with traders taking profit following a rally over the last three weeks. As of Wednesday s close, the EGX 30 had gained 10 percent since Dec. 30. Most of the blue chips had witnessed recent rallies during the week but its obvious the profit taking is …


CAIRO: Egypt s benchmark index edged down 0.4 percent, with traders taking profit following a rally over the last three weeks.

As of Wednesday s close, the EGX 30 had gained 10 percent since Dec. 30.

Most of the blue chips had witnessed recent rallies during the week but its obvious the profit taking is hitting the market and more or less ending the week in negative territory, Mohamed Radwan of Pharos Securities said.

Orascom Construction Industries lost 0.9 percent.

Egyptian Resorts climbed 5.9 percent. The company is profiting from news this week that it sold a plot of land on the Red Sea for $13.3 million, its first such sale in over a year, says Radwan.

Naeem Brokerage raised its rating on Egyptian Resorts to buy , it said today.

Textile company Arab Cotton Ginning closed up 2.4 percent. It will publicly auction 17,000 square meters of its land holdings in February, it said in a statement to the stock exchange before the close of trade.

The EGX closed at 6,864 points. -Reuters

Topics: FJP

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https://www.dailynewsegypt.com/2010/01/21/egypt-index-inches-down-after-3-week-rally/
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