Market Report: Egypt stocks finish in red after rally
Egypt stocks closed down on Wednesday with the benchmark EGX30 shedding 1.39 per cent to alight at 4,915 points.
"This backward trend is normal after huge market gains in the last seven consecutive trading sessions," Issa Fathi, head of securities at the Cairo Chamber of Commerce, told Ahram Online.
Fathi went on to describe the fall as a "healthy drop," stressing that the market had recently gained 25 per cent in the past seven trade sessions. "It's normal for stocks to fall following huge gains."
Fathi went on to point out that investors had begun selling off stocks today in hopes of taking profits, describing moves by investors as "profit hunting."
According to Fathi, the market is expected to witness some losses. "The market cannot be expected to gain all the time," he said, explaining that "losses encourage buying, while gains tend to encourage selling."
The broader EGX70 index also fell for the day, by 1.17 per cent.
Daily turnover on Wednesday stood at LE388 million. Of 171 stocks listed on the exchange, only 40 closed in the green while 118 lost value.
Heavyweight stocks Talaat Mostafa Group and Orascom Telecom Media and Technology Holding fell by 3.54 and 1.95 per cent respectively. Hermes Holding Company, meanwhile, climbed by 1.51 per cent.
Ahram Online
Video
Spot Lights
BBC SportWhen it's put to him that he might be the most talented athlete in the world to hold a racquet, a bashful Ramy Ashour admits "that's pretty great".The 25-year-old Egyptian is more than just the current squash world number one - his elastic, unorthodox brilliance and charisma could be the key to squash breaking out beyond its four walls and regaining a place on the wider sporting
Ministers in Prime Minister Hisham Qandil's cabinet following the recent reshuffle (new appointees are in italics): 1. Minister of Agriculture Ahmed Mahmoud Ali El-Gizawi2. Minister of Antiquities Ahmed Eissa3. Minister of Aviation Wael Maadawi4. Minister of Communication Atef Helmy5. Minister of Culture
AP— April 15, 2013: Two bombs explode in the packed streets near the finish line of the Boston Marathon, killing three people and injuring more than 140.— January 17, 2011: A backpack bomb is placed along a Martin Luther King Day parade route in Spokane, Washington, meant to kill and injure participants in a civil rights march, but is found and disabled before it can explode. White
The convenient marriage between Iran and the Arab left would have been unthinkable only a few years ago, given the traditional ideological paradoxes between patriarchal Persian Shiism, on the one hand, and leftist orthodoxy on the other.Indeed, a casual viewer of Hizbullah's Al-Manar television, or the Iranian-funded Al-Mayadin TV, these days would probably think that the two Shia propaganda
