Egyptian stocks slip on non-Arab selling

For the third day in a row, Egypt's main index was in the red on Thursday on non-Arab selling, traders said. The country's benchmark index EGX 30 slipped by 0.11 per cent, ending the week at 5,136.78 points, according to Bourse data.

The broader index EGX 70 added 0.29 per cent to 641.33 points.

Locals and Arabs made net purchases worth LE10.2 million (US$1.7 million) and LE13 million. Volume hit LE383 million, according to Bourse data. Non-Arabs made net sell-offs worth LE23.3 million.

Egypt's heavyweight Commercial International Bank (CIB) rose by 0.3 to LE27.1 per share. EFG-Hermes, the country's biggest investment bank by market value, shed 0.56 per cent to LE19.7 per share.

Orascom Construction Industries slipped by 0.6 per cent to LE267.89 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, gained 0.77 per cent LE3.93 per share.

Meanwhile, Eastern Company posted a net profit of LE631 million (US$105.9 million) for the full year to the end of June, down 26 per cent from a year earlier, according to Reuters. The cigarette monopoly made net profit of LE850.4 million in fiscal 2009-10.