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Thursday, 14 November 2019

Egypt's stocks rally ahead of Eid Al-Adha holiday

Ahram Online , Tuesday 22 Sep 2015
File photo: Workers at Egypt's stock exchange market are seen in the trading hall in Cairo (Photo: AP)
Views: 1064
Views: 1064

Egypt's stocks rallied on Tuesday ahead of the five day Eid Al-Adha holiday on foreign and institutions buying, as there was minimal selling pressure.

The benchmark EGX30 closed at a 0.84 rise to record 7,346 points, down from a peak of 7,370 points. Daily stock turnover was LE265 million.

"There was a weak selling pressure as investors will not be able to liquidate their stocks before the end of the holiday," Mohamed Radwan, head of equities at Pharos Holding, told Ahram Online.

Egypt's bourse will be closed from Wednesday until Sunday as the country celebrates the Eid Al-Adha holiday.

Non-Arab foreign investors were net buyers to the tune of LE31.5 million. Institutions were net buyers to the tune of LE22 million.

Market bellwether, Commercial International Bank (CIB), increased 1.61 percent to LE52.7 per share.

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