Slow trading in Egypt blamed on holiday season

Published October 23rd, 2012 - 04:00 GMT
Slow trade on the Egyptian stock market slowed being blamed on the holiday season
Slow trade on the Egyptian stock market slowed being blamed on the holiday season

Egypt stocks showed a pale performance on Monday as trading levels continue to be affected by the holiday season.

The main EGX30 index grew a meager 0.08 per cent to sit at 5,721 points. Turnover reached LE325 million (LE54 million).

Eid El-Adha and the Pilgrimage to Mecca, Islam's biggest annual events are set to start at the end of this week and last for four days. The stock exchange and banks close their doors during the vacation.

The market is traditionally less active during this vacation.

Orascom Construction Industries (OCI), the market's largest share in terms of capitalisation, dropped 0.77 per cent to land at LE263.25 per share.

Out of 174 shares traded on Monday, 56 gained value.

Orascom Telecom Holding finished up 0.81 per cent marking LE22 million.  The company announced on Sunday it would engage in deeper cooperation with parent company Vimpelcom.

Palm Hills Development was one of the more active shares today witnessing LE17 million in turnover, dropping 1.16 per cent to close at LE2.56 per share.

Non-Arab foreign investors were the main net-buyers of the session at LE25.8 million, making up 12.02 per cent of the session's activity.


© Copyright Al-Ahram Publishing House

You may also like

Subscribe

Sign up to our newsletter for exclusive updates and enhanced content