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Egyptian stocks up as foreigners purchase

Egyptian market achieve important gains a few days ahead of the year's end

Ahram Online , Monday 29 Dec 2014
Egypt
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 stock gained 2.44 percent on Monday with benchmark index EGX30 closing at 8,958 points and financial services and real estate shares registering the highest turnover.

Egyptian Financial Group Hermes Holding Company gained 2.65 percent to LE15.9, while Pioneers Holding and Amer Group Holding of the same sector gained 3.18 to LE12.26 and 3.25 percent to LE1.27 respectively.

Market bellwether, Commercial International Bank (Egypt) gained 3.25 percent to LE49.3.

TMG Holding, the largest listed real estate company, inched up 3.48 percent to LE9.8. Six of October Development & Investment (SODIC) closed up 2.18 percent to LE14.53 while Heliopolis Housing gained 2.17 percent to LE58.48.

In the telecom sector, Telecom Egypt closed up 1.43 percent to LE12.08, Global Telecom Holding gained 5.2 percent to LE4.03 and Orascom Telecom Media and Technology Holding increased by 2.29 percent to LE1.34.

Out of 170 stocks traded during the day, 123 gained in value while 21 declined and 26 remained unchanged.

Non-Arab foreign investors were the only net buyers recording a net flow of LE15.3 million ($2 million) while Egyptians and Arabs were net sellers.

Turnovers recorded LE663.3 million ($93 million).

The broader EGX70 index gained 1.94 percent.

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