Egypt stocks drop slightly on profit-taking ahead of holiday

Egypt's main stock index dipped slightly by 0.18 percent to sit at 5,616 points on Wednesday, after a trading week in the green due to profit-taking by investors. The stock market will be closed from Thursday to Sunday, on the occasion of Eid El-Fitr, which marks the end of the Islamic holy month of Ramadan. Foreigners were net sellers, while Egyptians were net buyers, to the tune of LE36 million, indicating sustained positive sentiment on behalf of domestic investors, despite a slight drop in turnover to LE365 million. There were more decliners than gainers in the benchmark EGX30 index on Wednesday, as Egyptian Financial Group-Hermes Holding Company dropped 1.3 percent, while real estate shares Palm Hills Development Company and TMG Holding fell 1.61 percent and 0.60 percent, respectively. Orascom Telecom was also in the red, falling 0.86 percent. Blue chips Commercial International Bank and Six of October for Development and Investment (SODIC) bucked the trend, rising 0.79 percent and 0.50 percent, respectively. The broader EGX70 dropped by 1.29 percent.