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Egypt's main index up, joining global shares

EGX30 up 0.13 percent in 'belated rebound', says analyst, but could dip again if international market falls

Ahram Online, Monday 20 Oct 2014
Traders work at the Egyptian Stock Exchange
File Photo: Traders work at the Egyptian Stock Exchange (Photo: AP)
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Egypt's market gained on Monday, catching up with a rebound from international markets but still not yet in the clear, says an analyst.

The benchmark index EGX30 inched up 0.13 percent to register 8,534 points, while daily turnover of listed stock recorded LE644.5 million.

"Egypt's market made a belated rebound as international markets are already heading up, but the situation remains volatile and it could fall again with those markets," Hassan Kinawy, head of the local institutions desk at HC brokerage, told Ahram Online.

Global shares rebounded this week from a considerable dip over the past weeks due to bleak economic data from Europe and falling oil prices.

The MSCI world equity index was 0.23 percent at 13:47 on Monday and oil prices fell to $85.68 a barrel in London's midday deals.

Market blue chips Commercial International Bank (CIB) and Global Telecom Holding (GTH) inched down 0.6 percent to LE44.8 and 1.67 percent to LE4.09 per share, respectively.

In the real estate sector, Six of October for Development and Investment Company (SODIC) gained 1.59 percent to LE14.11 per share.

SODIC told Reuters at its Middle East Summit on Monday that it plans to invest at least LE2.4 billion in Egypt next year.

Palm Hills Development Company (PHD) fell 0.27 percent to LE3.75 per share.

The broader index EGX70 gained 1.32 percent.

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