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Wednesday, 13 November 2019

Egypt stocks up slightly despite Tahrir Square protests

Despite nationwide protests against President Morsi's divisive decree, Egyptian bourse ends up 0.02 pct in Tuesday's trade session

Ahram Online, Tuesday 27 Nov 2012
Egypt stocks slightly up despite Tahrir
an Egyptian broker gestures during a session at the Egyptian stock market in Cairo (Photo: AP)
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Egypt stocks maintained their rise on Tuesday for the second consecutive day with the main EGX30 index rising slightly by 0.02 per cent to reach 4,991 points, coinciding with relative calm despite nationwide protests against a recent presidential decree.

The broader EGX70 index gained 1.1 per cent, meanwhile, in a session that saw modest daily turnover of LE217.1 million.

Thousands of protesters headed to Cairo's Tahrir Square Tuesday to express their opposition to Thursday's decree, which they believe violates judicial independence.

Egyptian investors remained cautious until they knew what would happen at the end of the day. They ended Tuesday trading as net sellers, offloading some LE33.4 million in stocks.

Foreign investors ended the day as net buyers, meanwhile, picking up some LE20.4 million in shares.

Blue chip Commercial International Bank saw minor gains of 0.3 per cent, while market giant Orascom Construction Industries slipped by 1 per cent.

Orascom Telecom and Palm Hills both slumped, by 0.2 and 0.4 per cent respectively.

Ezz Steel and SODIC, meanwhile, rose by 0.3 and 1 per cent respectively.

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