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Egypt stocks up for the second day on Suez Canal mega project

Egypt stocks hit a record high since 2008 for the second day in a row on the inauguration of the Suez Canal project

Ahram Online, Tuesday 5 Aug 2014
Staff at Egypt's stock exchange market (Photo: Reuters)
Views: 1075
Views: 1075

Egyptian stocks rallied on Tuesday for the second consecutive day amid the inauguration of the Suez Canal development project on Tuesday morning.

The main EGX30 index has reached its highest level since August 2008 to record 9010 points rising by 1.04 during the day.

Egyptian president Abdel-Fattah El-Sisi attended on Tuesday morning the inauguration of a new 35 kilometre-long waterway to be dug alongside the Suez Canal. He said that the digging will be finalized by mid 2015, sooner than the three years previously announced for the project.

Officials expect the project to drastically increase Suez Canal revenues with some speculating that annual revenues will reach $100 billion.

El-Sisi called on Egyptians to participate in financing the project through buying shares, priced at $100 per share for Egyptians abroad, LE100 for locals and LE10 for students.

All the sectors gained except banks. Market bellwether, Commercial International Bank (CIB), however lost 0.76 percent to LE42.99 ($6.14) per share.

Aside from banks, financial sector companies listed in the EGX30 index were on the rise with Pioneers Holding up 7.18 percent to LE14.93 ($2) and EFG-Hermes climbing 5.28 percent to LE 16.75 ($2.39).

Telecom Egypt and Orascom Telecom Media and Technology Holding of the telecom sector gained 2.09 to LE 13.67 and 3.97 percent to LE1.31 respectively.

Daily stock turnover registered LE1.1536 billion ($164 million).

Non-Arab foreigners were the only net buyers to the tune of LE103.4 million ($14.7 million) while Egyptians and Arabs were net sellers to the tune of LE99.5million ($10.4 million) and LE 3.9 ($0.5 million).

Out of 178 stocks traded over the day, 96 gained in value while 66 lost.

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