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Egypt bourse rallies on Monday, buoyed by large caps

EGX30 up 1.84% after three sessions in the red as market bellwether CIB hits record high of LE50.90

Ahram Online, Monday 29 Sep 2014
stock market
File photo: Workers at Egypt's stock exchange market are seen in the trading hall in Cairo (Photo: AP)
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Egypt's main index rallied on Monday after three consecutive sessions in the red, gaining 1.84 percent to close at 9779 points. 

Turnover value of listed stocks remained relatively weak at LE542 million.

Egyptians were net-buyers for LE45.9 million, while Arab investors were net-sellers for LE29.5 million, and non-Arab foreigners were net-sellers LE16.4 million.

Market bellwether Commercial International Bank (CIB) rallied after several sessions of consecutive losses, rising 2.63 percent to close at LE50.66, after hitting a record high of LE50.90 during the session and achieving a turnover value of LE68.3 million, the highest in the index.

Pioneers Holding, the second most traded stock on Monday with a turnover value of LE39.9 million, climbed 3.98 percent to trade for LE.13.59. The financial services company had sent a release to the exchange on Sunday saying that it was in negotiations with Heliopolis Housing to finance the development of a 550 feddan plot of land.

Real estate giant TMG Holding rose 1.14 percent to trade for LE11.52. Second-largest property developer Six of October for Development and Investment Company (SODIC) soared 9.98 percent to trade for LE16.64, while Palm Hills Development company inched up 1.64 percent to LE4.34.

Cairo-based investment bank EFG-Hermes rose 0.64 percent to close at LE18.81.

Ezz Steel rebounded by 2.18 percent to close at LE18.73. 

Majority state-owned fixed line operator Telecom Egypt saw its share price fall 0.85 percent to LE14.02,

The broader EGX70 index was up 1.93 percent.  

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