The EGX30 dipped one per cent to reach 7082 points. Total turnover was LE800 million. Foreign investors' lack of appetite was taken to explain the poor performance. The Egyptian Global Depositary Receipt (GDR) fell significantly in the London Stock Exchange at the end of trading last week. The Commercial International Bank (CiB) fell by 6.2 per cent to close at $7.55. Also, Telecom Egypt fell by 3.3 per cent to reach $16.6. Despite the gloomy news, Orascom Telecom Holding (OTH, recently renamed Wind Telecom) rose 0.2 per cent.VimpelCom Ltd was due to discuss a revised offer for Wind Telecom when the boards of the two companies met 16 January.A new deal may include more preferred shares for Egyptian billionaire Naguib Sawiris, who controls Wind, whileexcluding him from the board of the new company, according to Bloomberg. Additional preferred stock would give him a greater voting share without the right to dividends. Samad Misr-EGYFERT achievedthe highestrateineightand half months on news thatthe company will offer public shares in 2011, said Mohamed El-Ibrashi, financial analyst at CI Capital. Cairo Educational Services, meanwhile, achieved its highest price in ten and half months, rising by seven per cent to reach LE30.7, the volume of trade reaching LE1.4 million across 45,912 shares, added El-Ibrashi. Index heavyweights CIB and EFG-Hermes dropped 1.7 per cent and 2.3 per cent respectively. Orascom Construction Industries (OCI) fell 0.5 per cent affected by fall of the Egyptian GDR and despite the good news of a joint venture between OCI and the Arab Contractors to bid to build a nuclear power plants in Egypt and the Middle East, explained Hanafy Awad, a financial analyst. The contract to buildEgypt's first nuclear power plant is expected to be put out to tender soon. Acrow Misr was the top mover on the upside, rising 8.8 per cent to reach LE33.2. It was followed by Cairo Educational Services rising by 7.5 per cent . On the downside, the General Company For Land Reclamation was the biggest drag on the overall index, falling by 7.4 per cent, followed by Arab Gathering Investment, which fell by 5.6 per cent. Nationals dominated 82.4 per cent of total trading and tended to offload their shares. The EGX70 followed the same trendas the EGX30, closing with a decline of 1.3 per cent at 778 points.
