CAIRO: The market extended losses on Sunday, as global declines drove foreign and retail investors to a selling spree. The CASE 30 Index lost by 3 percent to close at 10,406.02 points on a turnover of LE 1.4 billion ($260.7 million), reflecting the negative mood globally seen in markets.
Telecom Egypt (TE) dipped 4.2 percent of its value to close at LE 21.33 per share. Orascom Telecom Holding (OTH) followed, with a decline of 4 percent to LE 84.36 and a turnover of LE 58.9 million, after the company’s global depositary receipts (GDRs) in London slumped on Friday. Egyptian Company for Mobile Services (MobiNil) also shed 3.8 percent to reach LE 223.94.
Shares in Commercial International Bank (CIB) closed in the red, falling 3.4 percent to LE 88.39. Egyptian Financial Group-Hermes (EFG-Hermes) traded on the highest turnover in the session, with its share price losing 3.3 percent to LE 62.30, after its GDRs were 0.5 percent down to $23.63.
In the housing and real estate sector, Heliopolis Housing topped the biggest decliners, slipping 3.8 percent to LE 574.20, while Nasr City Housing and Development lost 3.5 percent to close at LE 67.20. Shares of Talaat Mustafa Group (TMG) also edged 1.1 percent down to LE 12.43, and Six of October Development and Investment (SODIC) fell 3.3 percent to close the day at LE 222.50.
Global sell-off and market turmoil hit the Egyptian bourse on Monday, with the index posting its sharpest single-day drop in more than 18 months. The CASE 30 index plunged 4.2 percent to 9,964.54 points, wiping away gains from a rally in late December and early January.
Shares of OTH were most affected and tumbled 7.4 percent to LE 78.12, their sharpest single-day drop in more than a year. Housing stocks also slipped, as drops in big caps spooked retail investors. United Housing shed 8.1 percent to LE 16.23 and Cairo Housing 9.6 percent to LE 20.61.
Another day of losses hit the stock market on Tuesday, with the Index losing 3.3 percent to close at 9,639.49 points, on a turnover of LE 1.7 billion ($307.8 million), reflecting the selling mood seen in global markets, with the Egyptian market closing before the Fed’s interest rate cut announcement.
Foreign selling weighed blue chips including EFG-Hermes, which dropped 4.9 percent to LE 57.37 but still traded on the highest turnover in the session. GDRs of the investment bank tumbled 7.2 percent to $20.50, putting further pressure on its shares. CIB went down 3.5 percent to LE 82.46 per share.
The bearish sentiment extended to shares of OTH, which lost 4.1 percent to LE 75.51, on a turnover of LE 121.4 million. The company s GDRs in London were 2.2 percent lower at $68.30. MobiNil also inched 3.4 percent down to reach LE 209.70, while TE lost 3.7 percent of its value to close at LE19.49.
Orascom Construction Industries (OCI) was also in the red, shedding 0.9 percent to LE 539.36 on a?turnover of LE191.6 million. Shares in El-Ezz Steel Rebars dipped 3 percent to close at LE 62.36.
The housing and real estate constituents continued their negative performance. Cairo Housing fell 9.2 percent to LE19.10 and Heliopolis Housing 3.6 percent to close at LE540.01. Shares of TMG moved 2.3 percent downwards to LE11.72, while Sodic tumbled 5.4 percent to close at LE200.69.
The bourse reversed Wednesday the slide, as a surprise US interest rate cut helped lift stocks and boosted foreign buying of Egyptian shares. Egypt s benchmark stock CASE 30 index hit its sharpest single-day gain in at least a year, climbing 4.3 percent to 10,052.18 points on a relatively high turnover of LE 1.8 billion ($167.8 million).
Shares of South Valley Cement topped the best performers list, bouncing 10.95 percent up to close at LE 15.60, while Cairo Housing advanced 8.6 percent to LE 20.74.
OCI traded the highest turnover in the session, with its share price rising 6.1 percent to reach LE 572.29, after the completion of the sale of its cement unit to Lafarge and the resulting large share transaction.
OTH shares also paced gains, climbing 5.2 percent to LE 79.45, on a turnover of LE 142.0 million. Shares of MobiNil jumped 2.7 percent to reach LE 215.46, while TE increased 2.6 percent to close at LE 20. Market heavyweights CIB and (EFG-Hermes) also moved into the green, gaining 4.5 percent to LE 86.19 and 2.5 percent to LE 58.79, respectively.
The bourse was hit Thursday by international correction and dipped 0.4 percent to 10,010.85 points.
Market giant OCI fell 1.2 percent to LE 565.57 while MobiNil slipped 2.53 percent to LE 210. Shares of EFG-Hermes joined the decliners list, shedding 0.15 percent to LE 58.70.
Still, Egyptian shares were spared further falls due to an influx of foreign institutional investors buying up shares in large cap index heavyweights.
OT posted the day s most heavily traded share by value and rose 0.7 percent to LE 80. Commercial International Bank also gained 1.9 percent to LE 87.85.
