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Egyptian stock indexes end flat on profit-taking
CAIRO - Egyptian stock indexes trimmed intra-session gains to end flat on Monday, with jittery foreign investors booking short-term profit after two days of gains, reflecting a continuing lack of confidence in the market.
"It's profit-taking; in light of the rise across the past two days, it's natural there'll be profit-taking," said Eissa Fathy Eissa of Strategic Company for Securities.
Egypt's benchmark CASE 30 index was barely changed, closing 0.11 percent higher at 8,158.45 points after hitting 8,243.60 points.
The widely-watched Hermes index was up 0.22 percent to 714.61 points, while the broader CIBC 100 index gained 0.73 percent to 385.67 points. The volumes of trade was around 695 million Egyptian pounds ($129.6 million).
Rising inflation, which hit 22 percent in the year to July, has taken a toll on the Egyptian stock market, with the benchmark index falling more than 20 percent this year despite strong corporate earnings.
Foreign investors were the only net sellers on Monday, by 25.6 million Egyptian pounds, reversing the pattern of the past two session, when they were the only net buyers.
"There's no new cash coming into the market, it's like people are afraid to invest and they're just waiting to see what happens," said Teymour el-Derini of Beltone Financial.
Eissa said: "There's no leadership in the market with sufficient liquidity that's able to restore confidence to the market."
Both traders said volumes were short of 700 million pounds.
Market heavyweight Orascom Construction Industries last traded 1.88 percent down at 318.10 pounds, while investment bank EFG-Hermes lost 4.16 percent to 45.21 pounds.
Real estate developer Talaat Moustafa fell 1.36 percent to last trade 6.54 pounds.
Ezz Steel Rebars gained 4.12 percent to last trade at 23.76 pounds. Traders said the share rose on Sunday as investors sought to benefit from a rights issue for a capital increase.
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