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Egypt stocks up following official presidential elections result

Egyptian and Arab investors drove the market up Wednesday, following official confirmation Tuesday that Egypt's incoming president is Abdel-Fattah El-SIsi

Ahram Online, Wednesday 4 Jun 2014
Stock Exchange
Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)
Views: 756
Views: 756

Egypt's stocks rose Wednesday following the official results of the presidential elections that saw a landslide victory for former army chief Abdel-Fattah El-Sisi.

The market's benchmark EGX30 index increased 1.9 percent recording 8,116 points.

Egyptians and Arabs were net-buyers with LE9.1 million and LE7.5 million respectively.

Foreign investors ended the trading as net-sellers with LE16.7 million, in an attempt to take profits of three consecutive sessions that saw them net-buyers.

The broader EGX70 index also headed up 2.2 percent despite individuals selling some LE62.1 million worth of shares.

The total daily turnover of listed securities registered LE1 billion.

Market bellwether Commercial International Bank (CIB) rose 0.4 percent closing at LE35.7 per share.

Prominent telecommunications stock Global Telecom (GT) surged 5.1 percent registering LE5.5 per share. The company announced its consolidated financial results for the first quarter if 2014, hitting LE297 million net profit, against LE1.4 billion net loss in the same period a year before.

Egypt's fixed line monopoly operator Telecom Egypt (TE) also went up 0.7 percent closing at LE13.6 per share.

Real estate developers all rose, led by Talaat Mustafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) recording 2.9 percent, 3.8 percent and two percent, registering LE8.8, LE4.3 and LE28.5 per share respectively.

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