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Egypt stocks up as president ratifies budget

The benchmark EGX30 index climbed 1.13 percent to register 8,162 points while the broader EGX70 index increased 0.98 percent in a session that saw daily stock turnover reach LE478 million

Ahram Online, Monday 30 Jun 2014
Traders work at the Egyptian Stock Exchange
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
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Stocks rallied on Monday after the minister of finance announced details of the budget following the approval of the new state budget for the financial year 2014/15.

The benchmark EGX30 index climbed 1.13 percent to register 8,162 points while the broader EGX70 index increased 0.98 percent in a session that saw daily stock turnover reach LE478 million.

"Approving the state budget impacted the market positively," Mohamed Radwan, head of equities at Pharos Holding, told Ahram Online.

Unusually, non-Arab foreign investors exceeded 75 percent of market activity. They were net buyers to the tune of LE1.2 million. Arabs were net buyers to the tune of LE4.2 million while Egyptians were net sellers.

"Non-Arab foreigners represented most of the trading activity due to the Commercial International Bank (CIB) deal where the bank sold 77 million of its shares at LE36 per share in a deal that was not reflected in daily turnover," said Radwan.

Some 124 shares were gainers in Monday session, with only 21 decliners.

The EGX30 saw only three of its shares decline, including Egyptian Financial Group-Hermes (EFG-Hermes) which fell 1.1 percent to LE15.39 per share.

Financial services firm Pioneers Holding, real estate firms Madinet Nasr Housing and Six of October for Development and Investments Company (SODIC) led the EGX30, rising 5.28 percent to LE13.38 per share, 4.96 percent to LE38.39 per share and 3.85 percent to LE33.15 per share respectively.

Palm Hills Development holding climbed 1.79 percent to LE3.98 per share and Talaat Moustafa Group (TMG) holding increased 1.43 percent to LE8.5 per share.

In the telecommunications sector, Orascom Telecom Media and Technology Holding (OTMTH) increased 1.68 percent to LE1.2 per share, Global Telecom Holding rose up 1.58 percent to LE5.15 per share and Telecom Egypt inched up 0.98 percent to LE13.49 per share.

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