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Egypt down on low volumes, telcos weigh - Daily News Egypt

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Egypt down on low volumes, telcos weigh

CAIRO: Egypt’s benchmark index erased earlier gains to end in the negative, as telecoms weighed on the market and pessimistic global sentiment added to the sell trend. Mobinil shed 2.7 percent and landline monopoly Telecom Egypt fell 2.2 percent. Index heavyweight Orascom Telecom lost 0.6 percent. "It was a slow day today with almost no …


CAIRO: Egypt’s benchmark index erased earlier gains to end in the negative, as telecoms weighed on the market and pessimistic global sentiment added to the sell trend.

Mobinil shed 2.7 percent and landline monopoly Telecom Egypt fell 2.2 percent. Index heavyweight Orascom Telecom lost 0.6 percent.

"It was a slow day today with almost no volumes, tracking global markets lower ahead of a weekend," said Youssef Kamal of Naeem brokerage.

Global equities and crude oil prices eased on Thursday on concerns over economic growth after the US Federal Reserve’s pessimistic outlook, and with concerns over Greece continuing to hang over the euro zone.

Maridive Oil and Services fell for the fourth straight session, down 4 percent. On Monday it said it had cancelled two Indian vessel-building contracts and signed two others in China.

Shares in Egypt’s biggest listed lender Commercial International Bank slipped 1.8 percent.

"Financial and telecom sectors have potential to rise next week and could generate buying interest because they have fallen to attractive levels," Kamal added.

Egypt’s EGX30 closed 0.2 percent lower at 6,307 points.

 

 

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https://www.dailynewsegypt.com/2010/06/24/egypt-down-on-low-volumes-telcos-weigh/
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