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Egypt bourse buoyed by blue chips and foreign buying

CIB, Medinet Nasr, and EFG-Hermes lift main index up as majority of stocks in the red

Ahram Online, Monday 22 Sep 2014
Egypt’s Stock Exchange
File photo: Traders work at Egypt’s Stock Exchange in Cairo (Photo:Reuters)|
Views: 776
Views: 776

Egypt's main index rose 0.1 percent on Monday to close at 9,728 points, buoyed by Non-Arab foreign investors, who accounted for 21 percent of market activity.

Non-Arab investors were net-buyers for LE29.5 million, while Egyptian and Arab investors were net-sellers.

Total turnover of listed shares reached LE642 million.

Three stocks, EFG-Hermes, Medinet Nasr Housing, and Commercial International Bank (CIB), together accounting for 40 percent of trading on the benchmark EGX30, lifted the index as most other stocks were in the red.

Investors were bullish on EFG-Hermes, which rose 1.5 percent to trade at LE19.58, with a turnover of LE77 million, as the Cairo-based investment bank is gearing to launch three IPOs in the coming months and is expected to disclose strong Q3 results, Hassan Kinawy, Head of the Local Institutions Desk at HC Brokerage, told Ahram Online.

Real estate stock Medinet Nasr gained 1.52 percent to trade for LE48.6, continuing a rise sparked by the previous week's news that its Tag Sultan project would be complete by October 2015 and generate LE2 billion (around $285 million) in sales revenues.

Market bellwether CIB climbed 1.26 percent to close at LE49.90, after hitting a high of LE50.10 during the session.
Falling stocks included Palm Hills Development Company and Six of October Development and Investment Company (SODIC) in real estate, which slid 0.45 percent and 0.23 percent to trade for LE4.41 and LE47.72, respectively.

Global Telecom Holding fell 0.97 percent to LE5.11 while Telecom Egypt inched down by 0.14 percent to LE14.58.
Ezz Steel shed 0.78 percent of its share value to close at LE19.02.

The broader EGX70 was down 0.69 percent.

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