Egyptian stocks fall 2% Sunday

The main index in the Egyptian Stock Exchange lost 2 percent on Sunday after the death of Pope Shenouda III on Saturday, Al-Masry Al-Youm reported. Real estate stocks led the decline.

Reuters said that real estate stocks weighed on the stock market after investors were disappointed by results of Egyptian Resorts, even though it narrowed a loss suffered in 2011.

The main index fell two percent to 5,064 points.

“The Egyptian Resort results were worse than expected, because investors were looking for an improvement after it posted better third-quarter results with fewer losses,” a trader said.

Egyptian Resorts dropped 3.5 percent, Talaat Moustafa declined 5 percent, Palm Hills fell 4 percent and Amer Group lost 2.6 percent.

“Investors are exiting the market because there are no positive triggers or news,” said Sarah Tolba of Pharos Securities. “The market will see a further correction.”

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