Egypt stocks fall for third session in a row

Egypt’s main index EGX30 fell 0.64 percent Wednesday, the third consecutive drop, to close at 6,076 points. Bourse has incurred losses worth 923 million Egyptian pounds ($118 million) as market Capitalisation has reached 391.716 billion pounds.

Daily stock turnover amounted to 429 million pounds.

Non-Arab investors joined domestic investors as net sellers while Arab investors were net buyers to tune of 11.4 million pounds.

The bourse postponed the approval of the offering prospectus for the Domty brand company Arabian food industries until the firm sends a modified report from the independent financial advisor.

The dairy firm has set a maximum price of 11.38 pounds per share for its planned flotation on the Egyptian bourse, set to begin on Sunday, a market source told Reuters Wednesday.

At that price, the company would raise up to 1.4 billion pounds ($179 million) in the planned sale of a 49 percent stake, and the 88.5 percent family holding of Chairman and Managing Director Omar El Damaty would be worth some 2.5 billion, added Reuters.

Source: Ahram Online