Driven by a profit-taking sentiment, Egypt's main index fell on Tuesday, ending a four-day gaining streak, traders said.
Locals made net purchases worth LE176 million ($29.6 million), according to Bourse data. Arab and non-Arab investors made net sell-offs worth LE11.8 million and LE164 million respectively. Volume exceeded LE1 billion, according to Bourse data. The country's benchmark index EGX 30 shed 1.19 per cent, to 5,523.36 points, they added. But the broader index EGX 70 was in the black, gaining 0.26 per cent to 649.56, while the EGX 100 slipped by 0.2 per cent to 1,003.48 points. Egypt's heavyweight Commercial International Bank (CIB) slipped by 0.53 per cent to LE31.71 per share. EFG-Hermes, the country's biggest investment bank by market value, gained 0.18 per cent to LE22.79 per share. Orascom Construction Industries (OCI) fell by 1.74 per cent to LE267.7 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, plunged by 2.47 per cent LE4.34 per share. Credit Suisse raised its share-price target on OCI, and said it expected the construction company to benefit the most from the recent aid packages to Egypt that are likely to be used for infrastructure projects, according to Reuters. Pledges of support from the International Monetary Fund, World Bank, Western countries and wealthy Gulf Arabs provided welcome respite for Egypt after tourists and investors fled in the wake of protests that ousted Hosni Mubarak on February 11. The brokerage raised its target price on Orascom Construction stock to LE307.10 from LE261, and maintained its "outperform" rating. Property developer Nasr City Housing is preparing to start work on its 3.5 million square metre, $3.4 billion-plus Tigan project, Al-Mal newspaper said. Egypt's Alexandria Cement posted a 34 per cent fall in consolidated net profit to LE101.4 million ($17 million) for the first quarter of 2010, according to Bourse data. The firm, a subsidary of Greek cement maker Titan Cement reported net profit of LE154.1 million in the same period last year.
