Sunday 18 May 2014

STOCKS NEWS MIDEAST: Egypt dips as investors wait on presidential vote | Reuters

STOCKS NEWS MIDEAST: Egypt dips as investors wait on presidential vote | Reuters:



"Egypt's index eases from Thursday's 69-month high as investors await next week's presidential election before committing more cash to the market.



Property developer Talaat Moustafa and telcom operator Mobinil are among the main drags, falling 1.1 and 3.2 percent respectively.



The benchmark drops 0.3 percent to 8,532 points. On Thursday, it ended at 8,553 points, its highest close since August 2008.



"We need a catalyst to pass through 8,600 points. We might see a slight correction," says Mohamed Radwan, head of equities at Pharos Securities in Cairo."



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