CAIRO: Egypt’s benchmark share index creeps lower after renewed demonstrations indicate the country’s political troubles may be far from resolution.
Tens of thousands of Egyptians packed city centers across Egypt over the weekend to demand faster reforms and voice frustration at what they regard as foot-dragging by military rulers and government officials.
The protests have been peaceful, but the demonstrations were continuing on Sunday.
“There are still worries over the reaction of the protesters because they still feel their demands are not met. I think we are not in a stable position,” says Margo Moussa, a fundamentals analyst at Arab Finance Brokerage.
The EGX30 inches 0.3 percent lower to 5,344 points.
“Volumes are pretty low and there isn’t enough fundamental news even though Friday’s protest were quite civil, so foreigners are only 2 percent of the turnover,” says Sarah Tolba, a senior trader at Pharos Securities.
Financial service company Pioneers Holding is the bourse’s most traded stock, with shares worth over LE 9.2 million ($1.55 million) changing hands. It is the index’s biggest decliner, losing 4 percent.
Arab Cotton Ginning is the second most active stock, with over 5.8 million pounds worth of its shares traded. It rises 0.5 percent.
Among other gainers are mobile firm Mobinil at 5 percent and El Swedy Electric at 0.5 percent.
Real estate developer SODIC slips 1.1 percent.