CAIRO, Aug 10 (Reuters) – Egyptian shares dipped slightly in rangebound trading on Thursday as investors pounced on small price fluctuations to make modest profits, with the housing and construction sectors grabbing much of the trade, dealers said.
Orascom Construction Industries (OCI), Ezz Steel Rebars (ESR), Medinet Nasr Housing (MNH), Egyptian Resorts (ER) and Orascom Hotels and Development (OHD) all featured in the session s top 10 most heavily traded stocks by turnover.
OCI rose 1.2 pounds ($0.21), or 0.5 percent, to 227 pounds, while MNH rose 1 pound, or 1.4 percent, to 73.5 pounds. OHD shed 0.71 pounds to end at 32.75 pounds, ESR finished 0.86 pounds down at 64.15 pounds and ER fell 1.9 percent to 54 pounds.
Traders said Emaar of the United Arab Emirates had sparked interest in the sector when it paid 1 billion Egyptian pounds last week for a large plot for a tourist resort on the Mediterranean coast.
One trader said Gulf investors were investing heavily in real estate using profits from oil prices boosted by the conflict in Lebanon. He also said some investors might be eyeing building firms for prospective Lebanon reconstruction contracts.
We see a move in the real estate market in Egypt with demand coming from the Gulf investors. There s optimism in the sector … Also, Lebanon will need billions of dollars to rebuild, said Mohammed Kotb of Gezira Asset Management.
Overall, Egypt s benchmark Hermes index dipped 117.8 points, or 0.2 percent, to 50,362.03 points. The broader CIBC index rose 1.19 points, or 0.5 percent, to 223.31 points. The well watched Case 30 fell 0.2 percent to 5,748.67 points. Reuters
