Egyptian shares shed 0.68 percent on Tuesday

Egyptian stocks shed a further 0.68 per cent on Tuesday to continue a weeklong slide that started after the market peaked at 5,969 points on 26 September. The main EGX30 index currently sits at 5,612 points. It has gained 55 per cent since the beginning of 2012. Profit taking has prompted the market drop over the past week, following an impressive rally. Turnover dropped to LE546 million ($90 million) on Tuesday, a level lower than seen over the past few weeks. On Monday turnover was a solid LE850 million. Talaat Mostafa Group (TMG), Egypt's largest developer, was the most active share in today's session, dropping 0.77 per cent. Real estate developer, Palm Hills Development, saw LE38 million in turnover, dropping 1.46 per cent to close at a share price of LE2.7. Investment Bank, EFG-Hermes, saw a 1.9 per cent drop, and marked LE37.6 million in turnover. Egyptian investors dominated trade at 78 per cent, net selling at LE41 million. Arab investors were the main net-buyers in the session at LE47 million. The broader based EGX70 saw a sharper drop of 3 per cent, as more smaller shares fell today. EGX70 shares are usually preferred by Egyptian investors, who were the main sellers today. Out of 182 shares traded today, 150 lost value, while only 23 gained. Commercial International Bank (CIB) was the largest gainer today, marking LE29.5 million and seeing 0.94 per cent. Orascom Telecom Holding dropped 0.84 per cent to close at LE3.53 per share. From ahramonline