Cairo's Hermes index slips back from all-time high

17 Oct, 2005

The benchmark index for Egyptian stocks slipped on Sunday as investors booked profits after the index surged to an all-time high above the 50,000-point mark the previous session, traders said.
But they said overall sentiment remained positive with Gulf investors still showing interest and helping up some firms such as Oriental Weavers and Arab Cotton Ginning.
The Hermes index, the benchmark measure for big caps, dipped 303.68 points, or 0.6 percent, to 49,219.69 points, after hitting 52,239.68 points during Thursday's session.
"The main theme basically today is again profit-taking. We have been attaining all-time highs across the board," said Aly Allouba, regional sales manager at Trust Group for Securities.
Traders said volumes slipped because of a delay in opening the market. The bourse said a software problem caused the delay.
Shares in heavyweight Orascom Telecom fell as the Egyptian traded shares tracked declines on Friday in the firm's London-listed GDRs, traders said. The stock ended down 2.8 percent at 577.00 Egyptian pounds ($100.35).
The CIBC index, a broader measure of the market, ended the session up 1.68 points, or 0.9 percent, at 193.48 points.
"We are still maintaining the bullish trend," said Allouba, adding that much of the investment was Gulf petrodollars.
Arab Cotton Ginning surged again, rising 0.94 pounds, or 7.1 percent, at 14.10 pounds. Traders said investors had been buying the stock because of possible expansion plans but said there was no spot news driving it higher.
Carpet and rug maker Oriental Weavers climbed, finishing up 9.10 pounds or 12.1 percent, at 84.50 pounds.

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