Egyptian shares dipped on Sunday as some retail investors sold shares to free up cash to take part in new bourse listings but volumes overall were low because many foreigners were still away for their weekend, traders said. Yasser Hassanein of Dynamic Securities said some retail investors were booking profits in some stocks to prepare for the first day of trade in Raya Holding for Technology and Communications on Monday. A Raya spokeswoman said the stock would start trading on Monday at 27 Egyptian pounds ($4.66), the price per share in its initial public offering (IPO).
"It was a pretty slow day. I think probably the major factor - if any - was probably the piece of news that Raya was coming to the market tomorrow. I think there was a sell off in expectation of that," said Hassanein.
He said some investors might also be looking forward to an upcoming listing of shares in Sidi Krir Petrochemicals Co (SIDPEC).
The benchmark Hermes index slipped 305.30 points, or 0.8 percent, to end at 38,123.08 points. The broader CIBC index dipped 1.09 points, or 0.8 percent, to 142.68 points.
But dealers said volumes were low, partly because many investors from abroad, key players in the market, were still away on their Saturday-Sunday weekend. They also said there was little market-moving news to give investors a clear guide.
Stocks like Orascom Telecom (OT), which have helped lead the market to recent highs, were among the fallers on Sunday. It slid 9.08 pounds, or 1.8 percent, 492.01 pounds.
MobiNil, also known as Egyptian Company for Mobile Services, fell 3.33 pounds, or 1.8 percent, to 186.03 pounds.
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