CAIRO: Egypt s main share index slumps 0.8 percent in low volume with Pioneers Holding extending a correction following a rally last week on news the financial services firm would buy investment bank Beltone Financial.
Shares in Pioneers dip 3.2 percent, while heavyweight Orascom Construction Industries loses 1.8 percent.
Pioneers had a nice run over the news, says Hashem Ghoneim of Pyramids Capital. I think they will have another run when the deal is actually signed. It might start to attract institutional investors.
Shares in Orascom Telecom, due to release its results later on Sunday, edges down a hair, and Telecom Egypt slips 2 percent. The firm had rallied on Thursday after reporting a 13 percent drop in quarterly net profit in results that beat expectations.
Cement firms buck the downward trend, with Suez Cement gaining 20 percent after releasing results that one trader said impressed the market. Sinai Cement also gains, adding 3.5 percent.
The EGX30 index ends at 6,648 points. – Reuters
