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Monday, 19 August 2019

Egypt main index edges up Monday despite profit taking

Ahram Online , Monday 21 Mar 2016
stock market
File photo: Egypt's stock market
Views: 937
Views: 937

Egypt's main index resumed its upward trend on Monday, closing the session slightly up after it was down in early trading due to investors' profit-taking.

Benchmark index, EGX30, inched up 0.38 percent to 7,494 points amid daily stock turnover of EGP 685.7 million.

The bourse has surged in the past week after the central bank devalued the pound by more than 14 percent, closing in on the gap between the official and unofficial exchange rate.

Foreign investors turned to net sellers on Monday at a value of EGP 14 million after a week of net buying while Egyptians turned to net buyers.

Blue chip Commercial International Bank (CIB), increased 0.99 percent to EGP 41.4 per share while Egyptian Financial Group Hermes declined 0.48 percent to EGP 10.18 per share.

Orascom Telecom for Media and Technology (OTMT) Holding gained 1.43 percent to EGP 0.72 per share.

Real estate developers Six of October for Development and Investment Company (SODIC) and Talaat Moustafa Group (TMG) Holding were both up, rising 4.7 percent to EGP 11.4 and 0.32 percent to EGP 6.26 while Palm Hills for development fell 0.37 percent to EGP 2.68 per share.

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