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Egypt index rallies to highest level in 37 weeks as foreigners buy

EGX30 up 1.85% as market bellwether CIB jumps 5%

Ahram Online , Tuesday 26 Apr 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 stock market index rallied on Tuesday to reach its highest level since August 2015, driven by foreign investors.

The benchmark EGX30 rose 1.85 percent to reach 7,887 points at market close, after three consecutive sessions down.

Market bellwether Commercial International Bank (CIB) saw its share price jump 5 percent to EGP 45.10, while second largest listed stock Global Telecom Holding rose 1.3 percent to EGP 3.09.

Majority state-owned landline operator Telecom Egypt plunged 7.18 percent, however, to EGP 8.01 per share.

Real estate blue chip TMG Holding was up 1 percent to EGP 6.73, while property developer Emaar Misr rose 1.9 percent to EGP 2.74.

Six of October Development & Investment (SODIC) gained 1.5 percent to close at EGP 11.15.

Orascom Telecom Media and Technology Holding (OTMT) rose 1.3 percent to EGP 0.76.

Carpet-maker Oriental Weavers saw its share price plummet 6.8 percent to EGP 6.73.

Non-Arab foreigners were the main net-buyers at EGP 116.9 million worth of shares, followed by Arab investor at EGP 12.5 million, while local investors were net-sellers.

 

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