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22 May 2024

Egypt bourse down on falling GDRs

By Agencies

Egypt's two main stock indexes sank on Monday, weighed down by heavyweights Orascom Telecom and Orascom Construction Industries which dipped in line with London stocks, brokers said.


Orascom Telecom lost 3 per cent to last trade at EGP78.80 (Dh52.77), while Orascom Construction shed 2.7 per cent to EGP659.99. The two stocks were the most heavily traded on the day.


"Falling global depositary receipts in London amid the global sell-off had a negative impact on the two index heavyweights," said Eissa Fathy, Managing Director of the Strategic Company for Securities.


OT GDRs in London fell 1.5 per cent to $72 (Dh264), while OCI's lost 2.5 per cent to $243.5 by 1.47pm GMT as world stocks tumbled on Monday on fresh concerns about the health of the banking sector and a US recession.


"OT and OCI determine to a great extent what happens to the indexes and have a psychological impact on the market," Fathy added.


Investment bank EFG-Hermes was about 2 per cent lower to EGP60.94, while Mobinil fell 3.6 per cent to last trade at EGP222.


Some fertilisers were also in the red as investors were taking profit after their rally on Sunday, Fathy said.


Shares in the Egyptian Financial and Industrial Company last traded 2.5 per cent lower at EGP265. The company gained more than 16 per cent in the previous five sessions.


Overall the market's benchmark Case 30 index ended 1.6 per cent lower at 11,141.74 points. The well-watched Hermes index fell at the same rate to 97,399.42 points.


The broader CIBC index edged up 0.3 per cent to 492.99 points as textiles bucked the market trend.


"Textiles were very volatile during the day as retailers were not sure of the market direction of the sector, but they ended up in the green," Fathy said. (Reuters)