Shares in EFG-Hermes and Raya Holding for Technology and Communications on Sunday dragged the benchmark Egyptian stock index to a 10-week closing low. Trading in National Societe Generale Bank (NSGB) was halted after the stock rose more than 10 percent on investor speculation the bank would benefit from its parent firm's acquisition of Misr International Bank (MIBank).
French bank Societe Generale last week said shareholders holding 69.7 percent of MIBank had agreed to sell their stakes to NSGB. NSGB shares climbed 11 percent to last trade at 60.89 Egyptian pounds ($10.55). Trade had earlier been halted for 30 minutes because the stock climbed more than 10 percent.
But the benchmark Hermes index dipped 0.4 percent to 40,733.90 points - its lowest closing level since June 16. The broader CIBC index slipped 0.3 percent to 148.29 points.
Raya shares dipped five percent to 13.94 pounds on the first day when investors were able to sell shares acquired in a recent capital increase.
Shares in Orascom Telecom, whose results are expected in the coming weeks, slipped 0.4 percent to 517 pounds.
INTERBANK RATE STEADY:
The median overnight interbank rate on the Egyptian pound was steady at 9.775 percent on Sunday, with pound supply and demand little changed from Thursday when the rate was 9.681 percent, bankers said. "There are no new factors that could affect the market - nothing from the central bank," one banker said, referring to the absence of central bank auctions.
Three of 10 banks contacted by Reuters had dealt overnight at rates of 9.625 to 9.9 percent, compared to between 9.625 and 9.8 percent on Thursday.