Egypt shares lower, Orascom Construction leads

CAIRO - Egypt's market fell on Thursday for the fourth session in five as investors booked profits, reversing early gains. Orascom Construction Industries (OCI) led declines.

By (Reuters)

Published: Thu 5 Jun 2008, 8:31 PM

Last updated: Sun 5 Apr 2015, 1:07 PM

Egypt's main CASE 30 index lost 0.4 percent to close at 11,032.49 points after touching a high of 11,122.09 points during the session.

"There is still a lack of confidence in the market," said Mohamed Tawfiq, trader at Delta Rasmala Securities.

"People were buying as a continuation of Wednesday's rise but they started selling as soon as they saw prices up," he added.

OCI, the market's most heavily traded stock by turnover, lost 3.3 percent to last trade at 373 Egyptian pounds ($69.72).

Tawfiq said the fall of OCI, which has a 17 percent weight in the CASE 30 index, was not driven by specific company news.

Shares in the Commercial International Bank, which posted its sharpest single-day gain in almost six months on Wednesday on rumours that merger talks with the Arab African Bank could be back on track, fell 1.8 percent to 85.50 pounds.

The bank said in May talks with Arab African International Bank on a possible merger had ended, but traders had said market speculation suggested talks could resume.

Market heavyweight Orascom Telecom inched 0.1 percent down to 78.79 pounds, while Telecom Egypt fell 2.4 percent to 16.92 pounds.

Overall, the Hermes index was 0.6 percent lower to 95,198.40 points and the CIBC index edged down 0.1 percent to 573.98 points.

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