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Sunday, 25 August 2019

Egypt's main index rises, unaffected by EgyptAir plane hijacking

Ahram Online , Tuesday 29 Mar 2016
Egyptian Stock Market (Reuters)
Egyptian Stock Market (Reuters)
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Egypt's main index climbed almost one percent with daily stock turnover exceeding a billion Egyptian pounds, showing no response to the hijacking of an EgyptAir plane from Alexandria.

Benchmark index, EGX30, gained 0.98 percent on Tuesday to register 7,567 points.

Egyptian investors were net buyers to the tune of EGP 62 million while Arab investors were net sellers to the tune of EGP 46 million.

Blue chip, Commercial International Bank (CIB), gained 0.56 percent to EGP 38.5 a share.

Orascom Telecom for Media and Technology (OTMT), the most heavily traded stock in the session, climbed 3.9 percent to EGP 0.79 per share.

Both stocks had plunged earlier this week after Naguib Sawiris, CEO at OTMT, claimed that plans to acquire the CIB's investment banking arm, CI Capital, have been stalled over national security concerns.

The real estate sector extended its gains with leading developers, Palm Hills and Talaat Moustafa Group rising by 2.14 percent to EGP 2.85 per share and 0.62 percent to EGP 6.39 per share respectively. Emaar Misr also increased by 0.73 percent to EGP 2.71 per share and Sodic by 0.64 percent to EGP 10.9 per share.

Broader index, EGX70, inched up 0.28 percent.

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