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Egypt's bourse declines following five-day rally
A man rests at his desk at the Egyptian stock market in Cairo, November 25, 2012. Egyptian share prices plunge, with the benchmark index losing nearly 10 percent in the first trading session since President Mohamed Mursi ignited a political crisis by expanding his powers. REUTERS/Asmaa Waguih
By Abdel Kader Ramadan
CAIRO, Sep 20 (Aswat Masriya) – Egypt’s main index EGX30 declined on Sunday by 0.45 percent, reaching 7234 points after rallying for five consecutive days.
On the first day of trading this week, the small and medium enterprise index EGX70 decreased by 0.37 percent while the broader range EGX100 also retreated by 0.17 percent.
Egyptian and Foreign investors made net sales while Arab investors tended to purchase.
Profit-taking is behind the descent of the market today, said Mohamed Saad, technical analyst at Naeem Brokerage.
He added that the market will continue to decline slightly throughout the week, despite the relatively positive response to the recent cabinet reshuffle.
The stocked market will close for five days on the occasion of Al-Adha feast holiday starting Wednesday.
