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Egypt stocks up 0.9 percent as Global Telecom continues rise

Ahram Online , Sunday 6 Dec 2015
Egypt Stock Exchange
Staff at the Egyptian stock exchange in Cairo (Photo: AP)
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Egypt’s benchmark EGX30 index rallied at the end of a volatile session on Sunday, closing 0.86 percent up at 6,837 points, buoyed by certain blue chip gains as local investors were the main net-buyers.

Fourth highest market cap EGX30 stock Global Telecom Holding rose a whopping 6.25 percent to close at LE2.04, boosted by reports from last week that majority shareholder Vimplecom is offering to buy it out at LE2.30 a share. This is the fourth consecutive session in which the stock has seen gains since the company cited a newspaper report on the matter last Wednesday.

GB Auto also saw significant gains, rising 3.29 percent to close at LE4.78.

Real estate developer market leaders Six of October Development and Investment (SODIC) and TMG Holding rose by 3.76 percent to LE8.55 a share and 1.85 percent to LE6.60 a share, respectively.

Foreign investors were net-sellers to the tune of LE126.4 million, according to bourse data, while local investors were the main net-buyers for LE117.2 million. Arab investors were net-buyers.

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