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Egypt’s stocks rally on expat voting, positive financial results

EGX30 up 1.02 percent and turnover surpasses LE1 billion, as market lifted by Q1 success and opening of presidential polls abroad

Ahram Online, Thursday 15 May 2014
Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo, in this February 2, 2014. (Photo:Reuters)
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Egypt's main index went up on Thursday thanks to several companies reporting positive financial results for the first quarter of the current year as well as expat voting kicking off for the country's presidential elections, according to analysts.

The benchmark index increased 1.02 percent to 8,553 points while the broader index inched up 0.64 percent and listed stock turnover registered LE1.3 billion ($183 million).

"The market performed well due to optimism triggered by the first day of the elections for expats and as core stocks reported positive financial results," Mohamed Metwally, equity trader at Cairo-based Prime Securities, told Ahram Online.

Egyptians living abroad began casting their ballots on Thursday at embassies and consulates across 124 countries. Voting will run until Sunday, with polling centres open from 9am to 9pm local time.

Egypt’s largest investment bank EFG-Hermes reported a 190 percent leap in its net profits for the first quarter to record LE119 million ($16.75 million).

EFG-Hermes' share price inched up 0.07 percent to LE13.61 ($1.91) per share, achieving a turnover value of LE72.4 million ($10.2 million).

Real estate giant Palm Hills and Orascom Telecom Media and Technology holding (OTMT) reported their financial results on Thursday.

Palm Hills posted a 9 percent rise in first-quarter net profits to LE49.7 million ($7.0 million), while OTMT achieved LE324.3 million ($45.6 million) in net profits, dropping 38 percent year-on-year.

OTMT's share price increased 0.76 percent to LE1.34 ($0.19) per share, while Palm Hills was up 2.03 percent to LE4.55 ($0.64) per share.

Amer Group Holdings saw its share price jump 6.2 percent to LE1.4 ($0.19) per share, registering a turnover value of LE145.2 million ($20.4 million).

The group was listed in Morgan Stanley's small caps index on Thursday, which attracted foreign funds to buy its shares, said Metwally.

Egyptian investors were net sellers to the tune of LE48.4 million ($6.8 million), while non-Arab foreign investors and Arab investors were net buyers at a value of LE10.4 million ($1.46 million) and LE38 million ($5.34 million), respectively.

 

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