CAIRO, 26 May 2003 — Egyptian banking stocks sagged yesterday amid a lack of news to back up speculative buying last week, but several cement stocks picked up the slack to help the market close broadly steady. Traders said activity was subdued at the start of the trading week, with foreign investors still off for the Western weekend. The broad CIBC index ended 0.07 percent firmer at 73.18, while the benchmark Hermes index of blue chip stocks closed 0.6 percent softer at 7,981.28. Egyptian American Bank (EAB) was the day’s top percentage decliner, retracing some of last week’s gains which had been fueled by speculation about a change in shareholding. EAB, which declined to comment, last traded 7.6 percent weaker at 30.40 Egyptian pounds ($5), officially closing at 30.71.
