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Egypt's stocks rally amid average turnover

The previous two sessions saw the index drop following two consecutive devaluations of the pound

Ahram Online , Monday 19 Oct 2015
Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)
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Egypt's stocks rebounded on Monday after falling in reaction to the Egyptian pound depreciation.

The benchmark index EGX30 increased 1.1 percent to 7,621 points and daily stock turnover reached LE514.5 million.

The previous two sessions saw the index drop following two consecutive devaluations of the pound to hit 7.93 to the dollar.

Non-Arab foreign investors were net sellers to the tune of LE28.5 million while Egyptians, contributing almost three quarters of the session's trade, were net buyers to the tune of LE21 million.

Orascom Telecom Media and Technology (OTMT) and Egyptian for Tourism Resorts attracted the most trade volume amongst the main index stocks with OTMT rising 2.67 percent to LE0.78 per share and the latter climbing 4.08 percent to LE1.03 per share.

Blue chip, Commercial International Bank (CIB), inched up 0.24 percent to LE54.6 per share.

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