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Egypt's stocks inch up as Egyptian investors buy

Egyptian stocks up for the second day in a row, buoyed by shares from the telecom and real estate sectors

Ahram Online, Tuesday 30 Sep 2014
Egyptian stock exchange
A trader works at the Egyptian stock exchange in Cairo (Photo: Reuters)
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Egypt's bourse achieved moderate gains on Tuesday with the EGX30 gaining 0.32 percent to 9,811 points.
 
Egyptian investors were net-buyers, recording a net flow of LE4.3 million, while Arab and foreign investors were net sellers.
 
Market bellwether Commercial International Bank (CIB) gained 0.41 percent to close at LE50.78. Other big cap Telecom Egypt lost 1.93 percent to trade for LE13.75.
 
From the same sector, Orascom Telecom Media and Technology Holding gained 3.51 percent to close at LE1.18 after trading in the stock resumed at midday.
 
Trading of Orascom's shares were suspended from the start of the trading session after chairman Naguib Sawiris said in a TV interview on Monday evening that he would sell his company's share in Egyptian mobile operator Mobinil.
 
However, trading resumed after a statement from the firm saying it had not taken any decision regarding the sale of its Mobinil stake.
 
The real estate sector ended the day on a mixed note with Palm Hills Development Company and TMG Holding losing 0.23 percent to LE4.33 and 0.61 to LE11.45, respectively. Six of October Development and Investment (SODIC) gained 8.35 percent to LE18.03.
 
Turnover of listed stocks increased relatively, reaching LE770 million. 
 
Out of 168 shares traded over the day, 92 gained in value while 50 declined.
 
The broader index EGX70 gained 0.72 percent.
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