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Egyptian and foreign buying lifts Egypt blue chip stocks Wednesday

The EGX30 closes at 9,575 after an initial dip as market bellwether CIB and real estate stocks rally on combined Egyptian, foreign appetite

Ahram Online, Wednesday 17 Sep 2014
Egypt
General view showing Egypt's benchmark stock in Cairo (Photo: AP)
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Egypt stocks rallied Wednesday as Egyptians and non-Arab foreigners, which together account for 93 percent of market activity, were net-buyers.

The main index got off to a slow start, dipping below the 9,500 line before rebounding mid-session to close at 9,575 points amid a weak total turnover of LE559 million.

Egyptians were net-buyers at LE24 million, followed by non-Arab foreigners at LE7 million. Arab investors were net-sellers. 

Market bellwether Commercial International Bank (CIB) topped the main EGX30 in terms of turnover, rising 1.17 percent to trade for LE48.55, and lifting the index by 0.43 percent.

Real estate shares were the second most active, including Palm Hills Development, which rose 0.92 percent to trade for LE4.38.

Property developer Talaat Mustafa Group Holding inched up by 0.09 percent to LE10.99.

In the telecoms sector, Telecom Egypt fell 0.48 percent to LE14.37, and Global Telecom Holding fell 0.19 percent to LE5.23.

The broader EGX70 index was in the red, sliding 0.5 percent.

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