Last Update 21:59
Tuesday, 19 November 2019

Egypt stocks hit month high Tuesday amid foreign, Arab purchase

Ahram Online , Tuesday 7 Jun 2016
Egyptian Bourse (Reuters)
Egyptian Bourse (Reuters)
Views: 868
Views: 868

Egypt's main index EGX30 gained 1.02 percent on Tuesday to register 7,717 points, the highest in a month, with daily turnover for listed securities registering EGP 583 million.

Arab and foreign investors were net buyers to the tune of EGP 41 million, while Egyptians were net sellers.

Blue chip Commercial International Bank (CIB), inched up 0.71 percent to EGP 44.1 per share.

The country's second largest listed real estate developer, Palm Hills Development (PHD), rose 3.19 percent to EGP2.67 a share.

As PHD posted a 192 percent rise in net profit of EGP 1.03 billion in 2015 - up from EGP 353.3 million in 2014 - the company decided on Tuesday to distribute 1-for-20 bonus shares at a total value of EGP 219.9 million. The distribution will start on 23 June according to the bourse website. 

Cable manufacturer ElSwedy Electric rose 1.68 percent to EGP 43.7 per share. The company announced during trading Tuesday it was awarded two underground transmission projects worth EGP 671 million.

Global Telecom Holding (GT) increased 1.96 percent to EGP 3.15 per share.

Out of a total 161 stocks were traded during the day, 77 saw gains, while 40 fell.

The current official rate for 1 USD  = EGP 8.87

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