Egyptian stocks hit by heavy selling

Egyptian stock prices have dipped in a bout of profit taking after recent highs but traders say the selling is limited to part of the day.

    Traders say the market meltdown will be reversed soon

    Orascom Telecom (OT), which recently posted very strong first half 2004 results, faced heavy selling from investors looking to book profits for most of Tuesday’s sessions, but traded up at the end of the session.


    "I expect the market to head upwards on Wednesday because of the rallies at the end of the session," said Dynamic Securities’ Yasir Hasanain.


    OT opened the session at 139.75 pounds and then hit a session low of 138.50 pounds before last trading up at 141.50 pounds.


    The stock officially closed at 139.27 pounds.


    The benchmark Hermes index ended down 69.11 points, or 0.4%, to close at 16,517.49 points. The broader CIBC index fell 0.38 points, or 0.4%, to close at 96.48 points.


    Sharp fall


    Media Production City continued a recent fall as traders complained there was no news on the company’s long passed date to list of the Dubai stock exchange.


    The traders added that a lack of information from the company contributed to the stock’s recent plummet through several resistance levels.


    "Media Production City has been the worst performing stock and we are expecting to see it drop," said one of the traders.


    The stock last traded down 0.52 pounds, or 4%, at 12.20 pounds and officially closed at 12.17 pounds.

    SOURCE: Agencies


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