CAIRO: Egypt s main index inched down 0.7 percent, while the secondary index dipped 1.5 percent, tracking global markets, led by three companies that recently won export contracts.
We are seeing the continuing trend that the large caps are performing better than the small caps, said Osama Mourad, CEO of Arab Finance Brokerage.
Small and medium caps continue to suffer from sellers of retail who are shifting positions to blue chips, said Mohamed Radwan, head of international sales at Pharos Securities.
Among the three strongest risers, Talaat Moustafa Group jumped 2.4 percent, Ezz Steel Rebars 0.4 percent and Orascom Construction Industries, 0.1 percent, backed up by foreign buying.
The three are fundamentally strong companies with better-than-expected earnings expectations, said Mourad. All three signed export-oriented contracts over the last couple of days, he added.
Maridive Oil Services was up 3.7 percent. It has performed extremely strongly for the second consecutive day, with lots of broker recommendations valuing the company, said Mourad. He added that the company renewed its fleet during the recession.
Overall, the main index ended at 7,198 points. The secondary index ended at 839 points.-Reuters
