[2007-09-24]  Egyptian shares edge down amid profit-taking
Egyptian indexes inched down on Sunday as investors continued to cash in profits after the market hit record levels on Wednesday, brokers said.

The benchmark CASE 30 index lost 0.1 percent to 8,520.92 points. The widely watched Hermes index fell 0.2 percent to 75,218.23 points while the broader CIBC index ended 0.8 percent down at 388.03 points.

"The correction of Thursday continued today but it was still a mild one," Mohamed Ezz of Delta Securities said.

Investment bank EFG-Hermes was among the biggest decliners, shedding 2.1 percent to last trade at 45.13 Egyptian pounds ($8.06), while Orascom Construction Industries lost 0.9 percent to 444 pounds.

Shares in heavyweight Orascom Telecom were also in the red as the stock fell 0.4 percent to last trade at 72.69 pounds.

But real estate stocks outperformed the market as "good fundamentals attracted buyers," Hossam Abdel Rahman of Optima Securities said.

Sixth of October Development and Investment SODIC, the most heavily traded stock of the day by turnover, surged 4.4 percent to 177 pounds.

"SODIC was lagging behind the sector despite its good fundamentals and investors seem excited about profit opportunities in the stock," Mohamed Ashmawy of CIBC Brokerage said.

Abdel Rahman said: "The company has good assets and good expansion potential."

Egyptian Resorts also rose, gaining 0.4 percent to 11.97 pounds while Heliopolis Housing gained 2.6 percent to last trade at 496 pounds.

But Medinet Nasr Housing bucked the sector trend, dropping 2.5 percent to 49.50 pounds as Arab investors were switching positions in the sector, Ezz said.



Source: © Reuters 2007.