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Stocks fall as investors focus on charts - Daily News Egypt

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Stocks fall as investors focus on charts

CAIRO: Egyptian stocks slipped for a third session in a row on Monday, with selling by pessimistic small investors concerned more with charts than fundamentals weighing across the market, traders said. The benchmark Hermes index ended 2.6 percent lower at 45,092.70 points, 35 percent off its Jan. 23 record of 69,830.78. The Case 30 index …


CAIRO: Egyptian stocks slipped for a third session in a row on Monday, with selling by pessimistic small investors concerned more with charts than fundamentals weighing across the market, traders said. The benchmark Hermes index ended 2.6 percent lower at 45,092.70 points, 35 percent off its Jan. 23 record of 69,830.78. The Case 30 index ended 3.1 percent lower at 5,035.73 points and the CIBC-100 index fell 2 percent to 194.64 points. It s retail investors who are running market, but they are not positive and the sentiment is down, one trader said. On paper the companies look good but there s no appetite, he said. Hashem Ghoneim, CEO of El Nour securities, said: People are putting fundamentals aside and concentrating on charts. Shares in EFG-Hermes, one of the most actively traded stocks, fell 6.2 percent to LE 28.71 ($4.98). Telecom Egypt dipped 1.3 percent to LE 13.30. Orascom Telecom dropped 1.6 percent to LE 263 and Vodafone Egypt fell 0.9 percent to LE 84. Ezz Steel Rebars was off 4.2 percent at LE 45.84. Reuters

Topics: FJP

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