CAIRO: Egyptian share indexes declined on Monday as foreign investors sold blue chips to lock in profits on worries international markets might not sustain a current rally, a trader said.
Many Asian and European centers are still closed for the long Easter holiday weekend, and international shares were largely directionless as investors waited for US bank results due out this week and the resulting reaction of stock markets.
People were wary that American, British and international markets would open on the downside… There was lots of news in the market saying that the American market is overbought, said Karim Hosny, a trader at Pharos Securities.
Foreign selling accounted for almost 16 percent of market turnover on Monday, according to stock exchange data.
Hosny said retail investors had made some gains, but then took their cue from foreign investors and sold to secure profits.
Commercial International Bank lost 3.44 percent to LE 35.91 ($6.38), while real estate developer Talaat Moustafa Group lost 4.41 percent to LE 3.90.
Shares in Mobinil, the subject of a legal dispute between shareholders Orascom Telecom and France Telecom, fell 4.33 percent to LE 200.01.
Holding company Orascom Telecom itself dipped 1.49 percent to LE 31.05.
The benchmark EGX 30 index dipped 0.84 percent to 4,917.83 points, while the rival Hermes index lost 0.93 percent to 461.14 points. The broader EGX 70 index fell 2.55 percent to 581.39 points.
