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Egypt indices inch upwards after sideways session on Monday

EGX30 up 0.06% and EGX70 up 0.99% as turnover remains low at LE575 million

Ahram Online, Monday 1 Sep 2014
stock market
Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters).
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Egypt's main index inched down 0.06 percent at the close of a sideways session on Monday in which Egyptian investors were the leading net-buyers.

The EGX30 closed at 9,452 points and the broader EGX70 index rose 0.99 percent, as stock prices seemed unaffected by a government announcement that the latest inflation figures were higher than previously reported.

State-run statistics body CAPMAS updated its July headline Consumer Price Inflation (CPI) on Sunday to register a monthly increase of 3.6 percent, instead of the previously announced figure of 3.11 percent.

The new inflation figures reflects the effects of price hikes in state-subsidised fuels and electricity, as well as tax hikes introduced the same month which aimed to curb the budget deficit.

"The market was unaffected by the new inflation figures, as it is unaffected by economic indicators in general in times of extraordinary gains, " explained Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce.

Egypt's benchmark has gained 39.4 percent in value since the start of this year as the election of President Abdel-Fattah El-Sisi and a spate of economic reforms have restored investors' appetite.

Egyptians were net-buyers for LE20.4 million ($2.9 million), followed by non-Arab foreign investors for LE12.9 million ($1.8 million), while Arab investors sold a net LE33.2 million ($4.7 million) worth of shares.

Market bellwether Commercial International Bank (CIB) achieved the highest turnover with LE51.9 million ($7.4 million) worth of shares traded, while rising 0.58 percent to close at LE46.70.

Real estate share Six of October for Development and Investment Company (SODIC) achieved the second highest turnover, rising 2.18 percent to trade at LE2.18.

Property developer TMG Holding was also in the green, gaining 0.67 percent to trade at LE10.50.

Investment bank EFG-Hermes was down 0.17 percent to LE18.08.

Global Telecom shed 0.56 percent of its share price to trade at LE5.34.

Telecom Egypt fell 0.70 percent to LE14.25.

The session's turnover was weak, at LE575 million ($82.1 million).

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