Mobile operators Egyptian Company for Mobile Services (MobiNil) and Vodafone Egypt slipped on profit-taking on Sunday, pulling the Egyptian stock market slightly lower, traders said.
The benchmark Hermes index dipped 30.29 points, or 0.3 percent, to 12,151.53 points. The broader CIBC index slipped 0.17 points, or 0.2 percent, to 79.99 points.
Shares in Vodafone Egypt slipped 0.76 Egyptian pounds ($0.12), or 1.7 percent, to last trade at 44.25 pounds and officially close at 44.08. MobiNil shares slipped 0.19 pounds, or 0.2 percent, to 82.01 pounds with an official close of 81.84.
"It's profit-taking," said Chahir Hessni, portfolio manager at Delta Securities.
Commercial International Bank (CIB) was boosted by arbitrage trade, dealers said. The stock rose as the value of CIB global depository receipts (GDRs) traded in London on Friday was higher than the value of the share on the Egyptian bourse.
"There's arbitrage between the local and the GDR," one trader said. CIB last traded up 1.05 pounds, or 4.7 percent, at 23.25 pounds for an official close of 22.86 pounds.
Media Production City shares last traded 0.50 pounds, or 3.3 percent higher, at 15.65 pounds for an official close of 15.40 pounds.
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