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Monday, 18 November 2019

Egypt's market starts week in green

Losses from market bellwether CIB slow main index gains

Ahram Online, Sunday 23 Nov 2014
Staff at Egypt's stock exchange market (Photo: Reuters)
Views: 728
Views: 728

Egypt's market started the week in the green on real estate gains, but slowed down as market bellwether Commercial International Bank (CIB) dipped.

The benchmark index EGX30 gained 0.17 percent on Sunday to register 9,274 points.

Daily stock turnover recorded LE726.7 million.

Non-Arab foreign investors were net buyers to the tune of LE16.8 million, while Arab and Egyptian investors were almost equally net sellers.

Real estate developer Amer Group led the rise in the index, climbing 4.72 percent to LE1.34 per share.

The group on Sunday announced plans to split into two companies as part of wider expansion plans, specifically in restaurants, malls, education, healthcare and hospitality.

Talaat Moustafa Group, which has the fourth biggest market cap in the index, increased 0.19 percent to LE10.25 per share.

Madinet Nasr Housing was up 1.44 percent to LE42.86 per share and Palm Hills for Development inched up 0.46 percent to LE4.32 per share.

Egypt's leading investment bank, EFG-Hermes, gained 2.23 percent to LE18.28 per share while CIB dipped 0.3 percent to LE49.3 per share.

Telecom Egypt, the second highest market cap in the index, fell 0.21 percent to LE14.35 per share.

The broader index EGX70 fell 1.06 percent.

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