Egyptian Stocks Take Further Dip Ahead of Eid Holiday

The benchmark EGX30 slipped 0.37 per cent to 5,700 points, its lowest level in nearly a month, prompted by steep declines for a handful of market heavyweights. Gainers outnumbered losers, however, with 100 of the day's 165 traded stocks registering climbs -- a performance reflected in the broader-based EGX70 which edged up 0.93 per cent.

Market volume was a modest LE379.82m ($62.248m), with both local and non-Egyptian investors rolling back their involvement ahead of a four-day market closure which starts Thursday. Orascom Construction Industries led the decline, hit by news that representatives will meet authorities next week in an attempt to resolve a dispute over back-dated taxes. OCI, Egypt's largest listed firm, saw the day's second heaviest trade -- worth some LE32.6 million -- with its shares tumbling 1.49 per cent by close of play.

National Societe Generale Bank (NSGB) wasn't far behind. It saw the day's fourth largest trade, but slipped 0.74 per cent as investors await final confirmation of a takeover by Qatar National Bank. These high-cap losses were balanced by solid gains for property firm Palm Hills Development, which surged 2.73 per cent, and investment bank EFG-Hermes, up nearly 1 per cent. Egyptians were the day's sole net-buyers, scooping up LE4.4 million more than they sold, fulled by a solid performance by individual investors. Non-Arab investors were mild net-sellers, offloading a net LE978,000.