Egypt index dips, ending 8-day rally

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Commercial International Bank led Egypt’s main index lower, ending eight sessions of gains, traders said.

"The market saw some profit taking. Institutional investors offloaded positions in the financial and telecoms sectors in specific," said Mohamed Radwan of Pharos Securities.

Commercial International Bank declined 3.2 percent, EFG-Hermes 0.5 percent, and Telecom Egypt 1.5 percent.

Talaat Moustafa Group slid 2.6 percent. An Egyptian court on Sunday postponed a ruling on the legality of a land sale struck by the housing ministry and Talaat Moustafa Group (TMG) after a court-assigned body recommended that the court scrap the land contract.

The index closed down 0.9 percent at 6,308 points.

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By Reuters
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