CAIRO: Main Egyptian stock indexes followed Arab Gulf markets down on Sunday, with investment bank EFG-Hermes hit after posting a steep decline in third-quarter net profit last week.
Shares in EFG-Hermes fell 6.42 percent to last trade LE 18.50 ($3.34).
The largest investment bank in Egypt by market value said on Thursday net profit fell roughly 50 percent in challenging market conditions which spilled over to regional markets during the quarter.
Overall the market was quiet today. Foreigners and Gulf Arabs were net sellers, said Mohamed Ashmawy of CIBC Brokerage. Of course the results of EFG reflect on (the stock), he said.
Orascom Telecom, the biggest Arab mobile phone operator by subscribers, skidded 5.27 percent to LE 28.20. Telecom Egypt, the state-run fixed telephone line monopoly, was flat at LE 15.
The company said on Thursday third-quarter net profit jumped nearly 35 percent, helped by gains on its investment in mobile phone operator Vodafone Egypt.
Telecom Egypt held its ground today due to the results, Ashmawy said. This is a good thing.
Traders say the Egyptian market remains enthralled by market movements in Europe, the United States, and the Arab Gulf region.
Overall, the benchmark CASE 30 index ended 0.85 percent down at 4,782.66 points. The Hermes index fell 0.55 percent to 445.29 points.
