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Egypt's stocks continue to rise on non-Arab foreigners buying

Both indexes up on Tuesday, especially the real estate sector, as non-Arab investors bought over LE70 million

Ahram Online, Tuesday 15 Jul 2014
Egyptian Stock Exchange in Cairo
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
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Egypt's stocks rallied on Tuesday as non-Arab foreign investors continued to buy largely in the market.

The benchmark index EGX30 increased 1.12 percent to record 8,603 points while the broader index EGX 70 inched up 0.86 percent.

Daily listed stock turnover stood at LE651 million.

Non-Arab foreign investors were net buyers to the tune of LE76.1 million, while Egyptian investors were net sellers to the tune of LE71.1 million.

In the real estate sector, Six of October for Development and Investment Company (SODIC) rose 4.03 percent to LE38.94 per share, Talaat Moustafa Group (TMG) Holding was up 3.31 percent to LE9.4 per share and Palm Hills Development Company (PHD) climbed 1.68 percent to LE4.22 per share.

The telecom sector saw Orascom Telecom Media and Technology Holding (OTMTH) rise 1.59 percent to LE1.28 per share, Telecom Egypt (TE) inch up 0.81 percent to LE13.8 per share while Global Telecom Holding (GTH) dropped 0.19 percent to LE5.18 per share.

 

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