CAIRO: Egypt’s benchmark index ended 0.4 percent lower on Monday, pulled down by heavyweight telecoms operator Mobinil, which dropped 2.5 percent.

It is Mobinil’s third day of declines since its main shareholders, Orascom Telecom and France Telecom, announced they had a broad to end a battle for control of the firm.

Orascom inched up 0.1 percent.

Traders said the market is unlikely to pick up over the next few days unless there is substantial positive news.

“My expectations are that we will remain trading sideways to negative, said Sally Refaat of Cairo Capital Brokerage. “I can’t believe there will be another rally for the market. Basically I would focus on small caps.

Investment bank EFG-Hermes jumped 3 percent and Credit Agricole Egypt 2.4 percent.

“Foreign buyers are buying EFG, said Mohamed Radwan of Pharos Securities.

The index ended at 7,391 points. -Reuters