CAIRO: Egypt s bourse nudged lower on Tuesday in the absence of company news to stimulate investors who were awaiting earnings results and the result of bidding for Egypt s third mobile license, traders said. Individual stock performance was mixed. Investment bank EFG-Hermes held its ground after a recent series of falls to end 0.4 percent up at LE 23.79 ($4.13). Most telecoms stocks finished lower. Orascom Telecom shares shed 2.1 percent of their value to end at LE 233. Vodafone Egypt fell 2.8 percent to LE 77, while its rival MobiNil finished 4.5 percent down at LE 119.5. The auction for Egypt s third mobile license will be on July 4, and one trader expected the result the same day, predicting it would give much needed vigor to the market. Volumes are getting smaller and smaller. We re just waiting for news, Hashem Ghoneim of El Nour Securities said. We re waiting for who s won the third mobile license. That should be on July 4. We re still waiting for earnings results in a few weeks or so, he added. The benchmark Hermes index fell a marginal 317.53 points, or 0.8 percent, to 41,965.37 points. The broader CIBC index barely moved, edging down 0.01 percent to 187.36 points. The Case 30 fell 0.7 percent to 4,652.84 points. Reuters
Bourse lower and listless without news
