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Egypt's market rebounds with high turnover

Last two weeks of losses lures investors towards lower-priced shares, as daily turnover tops LE1 billion

Ahram Online, Thursday 30 Oct 2014
Staff at the Egyptian stock exchange in Cairo (Photo: AP)
Views: 762
Views: 762

Egypt's market achieved the highest turnover in two months to signal a rebound from the past two weeks' drop, says an analyst.

The benchmark index EGX30 gained 1.83 percent to record 9,115 points and daily stock turnover exceeded LE1 billion.

"Losses over the past two weeks tempted investors to enter the market at a lower value," Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce, told Ahram Online.

Non-Arab Foreign investors were net buyers to the tune of LE150.7 million while Egyptians were net sellers for LE158.6 million.

Market bellwether Commercial International Bank (CIB) gained 2.16 percent to LE48.9 per share.

Egypt's leading investment bank EFG-Hermes increased 2.75 percent to LE16.93 per share.

The real estate sector saw Talaat Moustafa Group TMG rise 1.25 percent to LE10.51 per share and Palm Hills for Development (PHD) company climb 3.59 percent to LE4.09 per share.

In telecommunications, Orascom Telecom Media and Technology Company was up 2.63 percent to LE1.18 per share while Global Telecom Holding fell 0.91 percent to LE4.32 per share.

The broader index EGX 70 increased 0.96 percent.

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