CAIRO: Egypt’s benchmark index EGX30 ended slightly lower, its sixth straight decline, in low volumes after late selling hit Ezz Steel and blue chip firms dipped into the negative after trading flat for most of the day.
Ezz ended down almost 2 percent at LE 11.62 per share, after trading as high as LE 12.44. Orascom Telecom fell 4.5 percent after gaining sharply at the open.
“A wave of selling came across the board, said Karim Hosny from Pharos Securities. “Everything collapsed.
“I was expecting the market to end in the green, maybe on a little selling flow, but not like this, he said.
OT’s chairman told Reuters on Tuesday that the firm’s partner in Mobinil was in the “business of value destruction.
Mobinil shares dipped 3.16 percent, while Telecom Egypt declined 3 percent.
Heavyweight Orascom Construction, which traded flat most of the day, ended 0.8 percent lower.
“A lot of local funds offloaded big quantities, Hosny said. “We had foreigners buying even in the dip at the end.
Trade was almost evenly split between retail and institutional investors, according to stock exchange data.
Ashraf Akhnoukh from CIBC Brokerage said the sell-off was due to day traders expecting a rebound that did not materialize.
“In a market like this no one wants to be long anything for two days, Akhnoukh said. -Reuters
