Peaceful voting process triggers a buying spree in Egypt. (Photo: Reuters)
Egyptian stocks extended their recent gains on Monday, fuelled by domestic institutions' appetite for market heavyweights after promising announcements from the country's Prime Minister on the economy.
The benchmark EGX30 edged up a further 0.65 per cent to close at 5,605.8 points, taking it another tantalising step closer to its pre-uprising level.
From the 182 stocks traded on Monday, 101 made gains and 66 lost value. The broader-based EGX70 performed even better than the main index, surging 2.55 per cent by the close of play.
Major property, financial and manufacturing firms saw the heaviest trade, with investment bank EFG-Hermes heading the list.
The regional heavyweight continued to reap the benefits of its recent promise to pay shareholders once its tie-up with Qatar's QInvest is concluded. It saw LE101.33 million in trade, closing 0.46 per cent up at LE12.97 per share.
Egypt's largest listed firm OCI saw the day's third heaviest trade -- some LE47 million -- following news the country's investment authority had approved its method for valuing and splitting its fertiliser and construction interests into two firms.
OCI shares edged up 0.32 per cent to close at LE293.43 apiece.
Commercial International Bank continued to benefit from foreign interest, closing up 2.08 per cent, while major property firms, for the last year a bellwether of economic optimism, charted solid gains.
TMG, developer of the controversial Madinaty project, climbed 2.39 per cent, while SODIC rocketed 4.64 per cent.
Total turnover for Monday was LE755.56 million, just over 70 per cent of it from domestic investors who bought a sizeable LE31.395 million more in stocks than they sold.
For a change it was Egyptian institutions, not individuals, who powered the market, in a potential sign of renewed confidence in the local economy. Institutions were net-buyers to the tune of LE47.4 million, while individuals sold LE16.03 million more than they bought.
Arabs and non-Arab foreigners, however, remained overall net-sellers.
New Egyptian Prime Minister Hisham Qandil predicted the country's economic growth could hit 4.5 per cent by the end of the year if its investment targets are met -- an estimate substantially more optimistic than the World Bank's estimate.
A delegation of US officials and more than 100 top American businessmen are currently visiting Cairo in an attempt to kickstart foreign investment.
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