Egypt's bourse drops 1.18 percent on Monday

Egypt's Bourse finished trade on Monday in the red, continuing a week-long trend of declines. The main EGX30 index tumbled 1.18 per cent to close at 5,414 points, having gained 49.5 per cent since the beginning of 2012. The broader EGX70 slid a whopping 2.4 per cent. Turnover reached LE402 million ($67 million), with 143 shares losing value and only 16 gaining. Palm Hills Development (PHD) was the most active share in Monday's session, marking LE41 million in turnover. It dropped 2 per cent to close at LE2.42 per share. The second largest listed developer in Egypt posted on Sunday a net loss of LE83.3 million ($13.7 million) in the first nine months of 2012, compared to a loss of LE99.1 million a year earlier. The largest listed company, Orascom Construction Industries (OCI), witnessed LE27 million in turnover, losing 1.32 per cent in value to close at LE251 per share. Investment bank EFG-Hermes dropped 0.46 per cent. It realised a net income of LE232 million in the first nine months of 2012, an 18.8 per cent drop compared with the same period last year. Amer Group gained a significant 6.15 per cent as the company announced it would propose to its board of directors a dividend distribution of LE0.09 per share. The group closed Monday trading at LE0.69 per share. Orascom Telecom and Media Technology (OTMT) dropped 1.72 per cent, to close at LE0.57 per share. From Ahramonline