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Egypt's stock market continues gains for third consecutive session

Ahram Online , Tuesday 8 Mar 2016
Egypt
Traders work at the Egyptian stock exchange in Cairo (Reuters)
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Egypt's main index EGX30 continues a week of gains on Tuesday, rising 1.25 percent to reach 6,339 points in a session that saw turnovers recover.

Daily stock turnover for listed securities registered EGP 588.6 million ($75.2 million).

Arab and foreign investors were net buyers to the tune of EGP 35.7 million ($4.6 million).

Market bellwether, Commercial International Bank (CIB), lead the session's gains with turnover of EGP 85.3 million ($10.9 million), climbing 1.68 percent to EGP 35.2 per share.
 
The CIB said on Tuesday, in a statement to the bourse, it will distribute a dividend of EGP 0.75 ($0.0958) per share.

Orascom Telecom Media and Technology Holding (OTMTH) followed with a 1.61 percent increase to EGP 0.61 per share.

On Tuesday, Egyptian billionaire Naguib Sawiris, the CEO of OTMT, said he plans to establish Luxemberg based bank with focus on financial services for small and medium enterprises.

Earlier this week, OTMT announced it is making funds available to subsidiary Beltone Financial to complete the acquisition of CI Capital, investing arm for Egypt's leading listed bank CIB.

Global Telecom Holding (GT) increased 2.8 percent, registering EGP 2.18 per share.

Heavyweight real estate developers Talaat Moustafa Group (TMG) and Emaar Misr increased 2.36 percent and 0.89 percent to close the day at EGP 5.12 per share and EGP 2.23 per share, respectively.

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