x Abu Dhabi, UAEMonday 24 July 2017

Egypt's EFG Hermes slips on Cairo stock market following key resignation

Market Wrap: Egyptian stocks came under fire as as investors remained edgy about companies that may have benefited from the former regime - with video.

Egyptian bank EFG Hermes, was among the biggest losers on the Cairo stock market after a board member and its head of brokerage resigned.

The move was said to have been long planned but still hit the share price of the country's biggest investment bank.

Shares in the bank slipped 9.7 per cent to 17.69 Egyptian pounds on the index yesterday.

The benchmark EGX 30 fell 3.2 per cent to 4,956.00 points as investors remained edgy about companies that may have benefited from the former regime.

Shares in Citadel Capital also slumped nearly at 9.4 per cent to 4.25 Egyptian pounds on allegations it acquired a cement maker at a cheaper price from the government, a charge the company denies.

In the UAE, Etisalat, the country's biggest company by market capitalisation ended 0.5 per cent higher to Dh10.45 . It reported an 8.9 per cent dip in net profit for the first quarter after the market closed.

The Abu Dhabi Securities General Index closed up 0.4 per cent at 2,709.33 points and the Dubai Financial Market reversed an initial dip at the opening bell to end 0.3 per cent higher at 1,652.76 points.

Elsewhere in the region; Kuwait's index ended up 0.5 per cent at 6375.10 points; Bahrain's measure closed down 0.1 per cent to 1,403.22 points and Muscat ended 0.1 per cent lower at 6,396.60 points.

Saudi Arabia's Tadawul index, the largest and most liquid in the Arab world, was trading flat at 6,533.34 points.