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Egypt stocks rally as foreign institutions lift blue chips

Ahram Online , Ahram Online , Monday 6 Jun 2016
Traders work at the Egyptian stock exchange (Reuters)
Views: 1349
Views: 1349

Egypt's stocks rallied on Monday as foreign institutions bought into the market on the first day of the Islamic holy month of Ramadan, during which trading hours are shortened.

The benchmark EGX30 index was up 1.01 percent to 7,639 points by market close.

Commercial International Bank (CIB), which accounts for nearly a quarter of the main index's weight, saw its share price rise 2.17 percent to EGP 43.69.

Investment bank EFG Hermes saw its share price jump 2.46 percent to EGP 12.07.

Orascom Construction Limited climbed 2.17 percent to EGP 57.05.

Domestic investors were net-sellers of EGP 143.9 million worth of shares, followed by Arab investors who dumped a net EGP 24.2 million worth of shares, while non-Arab foreign institutions were net-buyers, bourse data showed.

The second and third largest listed companies Global Telecom Holding and Telecom Egypt both declined, by 0.65 percent and 0.22 percent respectively, to close at EGP 3.06 and EGP 9.04.

The largest-listed developer TMG Holding was flat at EGP 5.83, while Emaar Misr for Development inched down 0.41 percent to EGP 2.41. Six of October Development and Investment (SODIC) rose 2 percent.

Turnover of listed securities was relatively low at EGP 537 million. 


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