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Egyptian market closes with gains following region-wide upward trend

Ahram Online , Sunday 24 Jan 2016
Egypt
File Photo: Staff at Egypt's stock exchange market monitoring electronic stock boards in Cairo, Egypt (AP)
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Egypt’s stocks continued to rally Sunday with the main EGX30 index closing up 3.15 percent to register 5,893 points, led by the market’s heavyweight shares.

The bounce in Egyptian shares is part of a region-wide upward trend, now that oil prices have recovered to over $30 per barrel following a recent dip. The Saudi, Dubai and Abu Dhabi indices rose 2.71 percent, 5.15 percent and 2.73 percent respectively.

Egypt's Commercial International Bank (CIB) soared 3.60 percent to register LE31.36 per share.

Egypt’s largest steel producer, Ezz Steel, was up a whopping 4.21 percent to LE6.93 per share.

Telecom Egypt (TE) increased 3.82 percent to register a price of LE5.88 per share.

Real estate developer Talaat Mustafa Group (TMG) climbed 2.34 percent to LE5.24 per share.

Arab investors were the only net-buyers, to the tune of LE27.6 million in a session that saw a modest daily turnover of listed securities worth some LE357.9 million.

The broader EGX70 index was up 2.29 percent.

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