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Egyptian stock market rallies on regional gains

Ahram Online , Sunday 21 Dec 2014
EGX
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)
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Egypt's main index climbed at the beginning of the Sunday session, following regional markets, but then flattened as investors sought profits, said an analyst.

The benchmark EGX30 index closed with a 3.46 percent gain to record 8,690 points.

The index has fallen more than 1,400 points in the last two weeks, from 9,577 points on 8 December, after a drop in oil prices saw regional markets slide.

The market began to bounce back last session as regional and Gulf markets stabilised following a turbulent week on the back of a decision by OPEC not to cut production, despite increasing supply and falling demand, leading oil prices to drop.

The Saudi index inched up 2.46 percent, the Qatari index climbed 7.58 percent, and Dubai’s index surged 9.88 percent.

Egypt's market saw daily stock turnover reach almost LE1.2 billion, of which LE550 million was a block trade to transfer ownership of some Commercial International Bank stocks owned by foreign investors, the vice head of the securities division at the Cairo Chamber of Commerce, Eissa Fathy, told Ahram Online.

Non-Arab foreign investors, who comprised 50 percent of the session's trading, were net buyers to the tune of LE25 million.

Commercial International Bank (CIB) gained 3.11 percent to reach LE46.83 per share.

Real estate developer Palm Hills lead the gains with a 8.57 percent rise in the share value to LE3.85 per share and Amer Group followed with 6.9 percent increase to LE1.22 per share.

The broader EGX70 index increased 2.46 percent in Sunday’s session.

 

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