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Egypt stocks slide lower, but recover some losses
CAIRO - Egyptian stocks on Thursday extended this week’s heavy losses, led lower by a bout of panic-selling, traders said, which left the benchmark index 14.7 percent off last week’s close.
The Hermes index recovered some of its losses early in the session to end 3.3 percent lower at 44,888.78 points -- its lowest level since Sept. 22.
The Case 30 index slipped 3.6 percent to 5,112.66 points and the CIBC index fell 2.6 percent to 195.62 points. ”People saw prices were cheap to buy at. The tables started turning and more buying started,” one trader said of the partial recovery late in the session.
A fall in emerging markets around the world has put pressure on the Egyptian market this week. Small investors have sold heavily in response to sales by large international investors, traders have said.
The Hermes had index dipped around 5 percent at the open.
“There are a lot of people who have given up on the market. People are fearful that the market is going to get worse and are selling off. It’s major retail selling,” Yasser Hassanein of Dynamic Securities said to explain the early slump.
EFG-Hermes recovered some of its early losses to end 0.5 percent lower at 33.90 Egyptian pounds ($5.88). Likewise, Ezz Steel Rebars ended 0.5 percent lower at 53 pounds.
Arabia Cotton Ginning finished 8.7 percent lower at 9.40 pounds. Commercial International Bank dipped 1.8 percent to 57.99 pounds.
“Prices are cheap, (price-to-earnings) levels are decent. We should see some buying going forward,” Hashem Ghoneim of El Nour Securities said.
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