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Friday, 23 August 2019

Egypt stocks rise Sunday on constitution voting phase

Despite fresh protests and clashes in Cairo's Tahrir Square, the market was up Sunday on modest trading

Ahram Online, Sunday 1 Dec 2013
Egypt stocks
File photo:Traders work at Egypt's Stock Exchange in Cairo July 3, 2013 (Photo: Reuters)
Views: 1017
Views: 1017

Egypt’s shares kicked off the trading week Sunday rising as the 50-Member Committee tasked with drafting the country's new constitution voted on its articles.

The market’s benchmark, the EGX30, rose 1.3 percent recording 6,267 points in a session that saw a modest daily turnover of listed securities worth LE237.6 million.

The main index has closed up despite the Cairo University students protest to condemn the killing of their colleague, Mohamed Reda.

At the close of the trading session, police fired teargas at around 1,000 pro-Morsi students protesting in Cairo's Tahrir Square. Army tanks and police vehicles sealed off the square from all directions.

The broader EGX70 index also inched up 0.6 percent due to domestic investors’ purchases worth LE13.4 million.

Heavyweight shares Commercial International Bank (CIB), Global Telecom (GT) and Telecom Egypt (TE) rose by 1.3 percent, two percent and 2.6 percent respectively.

Real estate developers Talaat Mustafa Group (TMG), Palm Hills Development (PHD) and Six of October Investment and Development (SODIC) all rose, up 1.4 percent, three percent, and 1.4 percent respectively.

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