Egypt's market ends a week of losses in green

Ahram Online , Thursday 12 Nov 2015

EGX
File photo: Workers at Egypt's stock exchange market are seen in the trading hall in Cairo (Photo: AP)

Egypt's main index inched up 0.07 percent ahead of the weekend after a week of losses reaching around 10 percent.

Benchmark index, EGX30, recorded 6,806 points with daily stock turnover at LE423.8 million.

Stocks tumbled after Egypt's largest state-owned banks launched savings certificates with a 12.5 percent interest rate, creating speculation for a possible floatation of the pound and a possible interest rate hike by the central bank.

Egyptians were net buyers to the tune of LE98 million while non-Arab foreigners were net sellers to the tune of LE96 million.

Edita Food Industries was the largest gainer in the session rising 5.29 percent to LE34.99 per share.

Market bellwether, Commercial International Bank (CIB), inched up 0.19 percent to LE46.55 percent.

Losses by cables manufacturer ElSwedy Electric and Orascom Construction Limited (OCL) were set back to the index gains. ElSwedy Electric fell 3.5 percent to LE35.51 per share at a turnover of LE8.4 million. OCL dropped 3.26 percent to LE71.54 per share.

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