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Egypt stocks rise, Egyptians remain net sellers

Ahram Online, Tuesday 22 Jul 2014
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Views: 563

Egypt's stocks rebound on Tuesday after two consecutive red sessions as foreign investors were net buyers pushing up the main index.

EGX30 the market's benchmark rose 1 percent recording 8,563 points in a session that saw foreigners but some LE42.4 million worth of shares.

Domestic investors remain net sellers with LE73.1 million.

State's Al-Ahram news website reported that the rise came a day after the Egyptian Bourse announced cancellation of some precautionary measures that were placed on the stocks market after 2011 uprisings due to improving security situation in the country.

"In accordance to the developments taking place in the Egyptian stock market, market stability and trading rates returning to its normal levels, the Egyptian Stock Exchange decided to cancel some precautionary measures that were adopted after the revolution of January 2011," the bourse stated on Monday.

"The market will be back to Price Discovery Session starting from 7 August, 2014. Price limits for the main market will be 10 percent," it added.

The broader index EGX70 also rose 0.5 percent in a session that saw a daily turnover of listed securities registering LE425.4 million.

The market's bellweather Commercial International Bank (CIB) upped 2.8 percent to close at LE39.3 per share.

Real estate developer Talaat Moustafa Group (TMG) dipped 0.5 percent to close at LE9 per share, however, Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) climbed 0.4 percent and 1.3 percent registering LE4 per share and LE38 per share respectively.

Telecommunication shares Telecom Egypt (TE) and Global Telecom Holding (GTH) inched up 0.5 percent and 0.1 percent closing at LE13.40 per share and LE5.16 per share respectively.
 

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