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Egypt's bourse slips on non-Arab selling

For the 7th day in a row, Egyptian were in the red on Wednesday amid low volumes, traders said. Volume totalled LE296 m., according to Bourse data.
28.07.11 | Source: The Egyptian Gazette

The country's benchmark index EGX 30 fell by 0.73 per cent to 5,049.05 points. The broader indexes EGX 70 and EGX 100 shed 1.48 and 1.18 per cent to 628.11 and 944.64 points respectively.

Non-Arabs made net sell-offs worth LE10.2 million. Locals and Arabs made net purchases worth LE5.3 million and LE4.9 million, according to the Egyptian Exchange.

Egypt's heavyweight Commercial International Bank (CIB) slipped by 0.55 per cent to LE27.06 per share. EFG-Hermes, the country's biggest investment bank by market value, shed 0.62 per cent to LE19.29 per share.

Orascom Construction Industries was down by 0.37 LE263.88 per share. Talaat Moustafa, the country's biggest listed real estate company, fell by 2.1 per cent LE4.26 per share.

Mobinil fell by one per cent to LE104.95 per share.

Meanwhile, gold soared to a record high for the sixth time in two weeks and the dollar slumped to another record low against the Swiss franc as investors sought safety from a possible US debt default, according to Reuters.

Equities were weaker globally, particularly in Europe and Japan.

The cost of insuring U.S. debt against a default in the next year hit a new all-time high. Bitterly partisan wrangling in Washington over raising the US debt limit is unnerving investors, who are facing a scenario many thought to be inconceivable -- the United States unable to pay its debts and being downgraded as a borrower.

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