Egypt News

Traders in the Egyptian Stock Exchanges said that Egypt’s shares ended broadly flat on Monday with little international involvement because of a market holiday in London and retail investors looking to pick up laggards in the banking sector

National Bank for Development was one of the banks drawing retail investors because it had trailed other bigger banks that have gained ground in recent weeks, traders said
Its shares ended up 8.5 percent at 8.04 Egyptian pounds ($1.43).

Commercial International Bank (CIB), a leading Egyptian bank that has made gains in recent weeks, slipped a modest 0.8 percent to 39 pounds.

Overall, the market moved little. The benchmark EGX 30 index closed down a modest 8.86 points, or less than 0.2 percent, finishing at 5,157.97 points.

Ashraf Akhnoukh of CIBC Brokerage commented "volumes are very thin ... Stocks are trading in a very small trading range", adding that there was little involvement by international investors.
Another trader said a holiday in London had put a damper on international investor participation.

EGYPT NEWS

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