Egypt stocks slide slightly on profit taking

Egypt's benchmark EGX30 index dropped by 0.48 percent on Monday to 5,275 points due to profit-taking, as investors sought to cash in on a significant rise in previous days. Stocks had been surging upwards since last Thursday, one day after Qatar and Libya made pledges of fresh financial aid to Egypt worth a total of $5 billion. Daily turnover, which had reached a five-week peak in Thursday's session, was still relatively high – at LE393 million – on Monday. Foreign investors were the day's net sellers to the value of LE28.8 million, while Arab investors offloaded a net of LE3.4 million in stocks. Banking giant Commercial International Bank (CIB) gained 0.58 percent, while EFG-Hermes fell 0.47 percent. Blue chip Orascom Construction Industries (OCI), meanwhile, fell 0.84 percent, while Orascom Telecom Holding (OT) also slid by 0.87 percent. The real estate sector was in the red for the day, with SODIC losing 1.99 percent, Palm Hills Development Company dropping 0.93 percent and TMG Holding falling 0.72 percent. The broader EGX 70 index, meanwhile, slid 1.12 percent.  From : Ahram Online