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Egypt's market up amid global gains

Ahram Online , Reuters , Wednesday 9 Sep 2015
Stocks
An interior view of the Egyptian stock market is seen in Cairo (Photo: Reuters)
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Egypt's market rebounded on Wednesday in the wake of global markets' rebound over the past two days, thanks to investors' hope that Chinese government will stimulate the economy.

Benchmark index, EGX30, gained 1.82 percent to record 7050 points after falling below the 7,000 point benchmark of the previous session. Daily stock turnover reached LE332.4 million.

China's Finance Ministry said on Wednesday it would strengthen fiscal policy, boost infrastructure spending and speed up tax reform, helping lift Chinese shares for a second day.

The Shanghai Composite closed 2.3 percent higher and the CSI 300 index rose 1.96 percent while Hong Kong's Hang Seng was up 4.5 percent. Adding to the positive sentiment, Japan's Nikkei 225 stock index rose 7.7 percent.

Saudi Arabia's stock index jumped 2.3 percent and most stocks in Riyadh were positive. National Commercial Bank, the kingdom's top lender, was one of the main supports, jumping 3.2 percent. Another large lender, Al Rajhi, climbed 2.6 percent.

Saudi Arabia's banking sector may benefit from an expected U.S. interest rate hike in coming months. Demand deposits in the kingdom carry zero interest, and its monetary policy usually follows that of the Fed because the riyal is pegged to the dollar.

The Egyptian market session closed with Egyptians as net sellers to the tune of LE19.3 million while non-Arab foreigners were net buyers to the tune of LE17.8 million.

Market bellwether, Commercial International Bank (CIB), gained 2.45 percent to LE49.25 per share.

Real estate developer Plam Hills for Development was up 2.67 percent to LE1.93 per share and Talaat Moustafa Group (TMG) increased 2.17 percent to LE7.03 per share.

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