CAIRO: Egypt’s main index slid 0.8 percent, led by EFG-Hermes despite reporting that first quarter net income more than tripled and its board recommending a LE 2 per share special dividend.
Because its earnings are tied to stock market performance, EFG-Hermes often acts as a bellwether, rising or falling faster than the rest of the market, analysts say.
Its share price fell 3.3 percent.
Traders said the market is looking for positive news before shares can begin rallying again.
"We’ve been lacking positive news for a while," said Hashem Ghoneim of Pyramids Capital.
The index has lost 12.6 percent since April 27.
"I think we’re just waiting for earnings season to end. There are still a lot of companies that have yet to report."
Al Baraka Bank, which late on Sunday reported that first quarter net profit more than tripled, jumped 5.6 percent.
Maridive, which early on Sunday reported worse-than-expected first quarter net profit, dropped 6.2 percent.
The index closed at 6,642 points.