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Wednesday, 21 October 2020

Egypt stocks continue uptrend on Wednesday

Ahram Online , Wednesday 16 Mar 2016
Traders work at the Egyptian stock exchange in Cairo, Egypt, March 8, 2016. (Reuters)
Traders work at the Egyptian stock exchange in Cairo, Egypt, March 8, 2016. (Reuters)
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The Egyptian stock market continued to rally for the third consecutive session over predictions that the recent announcement by the Central Bank that it is adopting a more flexible exchange rate would raise investment inflows.

Benchmark index EGX30 increased 1.25 percent to 7,228 points as daily stock turnover continues to exceed the EGP 1 billion barrier.

Arab investors were the sole net sellers in the session at EGP 31 million, while Egyptian investors were net buyers to the tune of EGP 20.5 million.

The Central Bank devalued the pound 14.5 percent to 8.85 on the dollar on Monday, adopting a more flexible exchange rate to combat the informal currency market.

Market bellwether Commercial International Bank (CIB) inched down 0.3 percent to EGP 39 per share, declining for the second session after climbing 6.82 percent in the Monday session.

Real estate developer Six of October for Development and Investment Company (SODIC) lead the main index gains with a 8.51 percent rise to EGP 9.43 per share after reporting a 120 percent increase in its net profits for 2015 to EGP 311 million for 2015, up from EGP 142 million a year earlier.

The real estate sector also saw Talaat Moustafa Group (TMG) Holding and Palm Hills for Development (PHD) Holding gain 4.57 percent to EGP 6.16 per share and 2.01 percent to EGP 2.53 per share respectively.

The second most heavily traded share in the main index this session after PHD, Orascom Telecom for Media and Technology (OTMT) gained 2.99 percent to EGP 0.69 per share.

Egyptian automotive assembler and distributor GB Auto also saw its share price increase 1.56 percent to EGP 2.58 per share after reporting a 34 percent growth in its net profits in 2015 to EGP 233.1 million, up from EGP 174 million the year before.

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