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Tuesday, 20 August 2019

Egypt's market slightly up, foreigners are net buyers

Ahram Online , Monday 28 Mar 2016
Egyptian stock exchange in Cairo
Traders work at the Egyptian stock exchange in Cairo, Egypt, March 8, 2016 (Reuters)
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Egypt's main index closed slightly up on Monday, resisting a decline at the beginning of the session.

Benchmark index EGX30 edged up 0.19 percent to 7,494 points amid daily stock turnover of EGP 809 million.

Non-Arab foreign investors were net buyers to the tune of EGP 25.7 million, while Arab investors were net sellers to the tune of EGP 21 million.

Blue chip Commercial International Bank (CIB) continued to drag down the main index as its plans to sell off its investment banking arm, CI Capital to Orascom Telecom Media and Technology (OTMT), have been stalled over national security concerns, according to the latter's CEO Naguib Sawiris.

CIB declined 0.63 percent to EGP 39.5 per share and OTMT was flat.

Real estate developer Palm Hills Development Holding gained 1.44 percent to EGP 2.83 per share, and Madinet Nasr Housing increased 1 percent to EGP 22.3 per share.

Talaat Moustafa Group (TMG) Holding dipped 0.46 percent to EGP 6.45 a share, while Emaar Misr for Development fell 0.73 percent to EGP 2.74 a share.

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