Egypt's stocks slightly up despite 'civil disobedience' calls

Ahram Online, Thursday 21 Feb 2013

Egyptian stocks rose by 0.3% despite calls for 'civil disobedience' in more Suez Canal governorates

 Egypt
Traders work at the Egyptian stock exchange in Cairo (photo: Reuters)

Egypt’s stocks have ended the week on Thursday on a weak note as investors' flat performance indicate a loss of appetite for buying after calls for ‘civil disobedience’ spread to the three Suez Canal governorates.

The main index EGX30 rose by 0.3 percent recording 5,626 points in a session that saw domestic investors as net-sellers of some LE8.3 million.

Meanwhile, foreign investors ended the day as net-buyers of some LE15 billion.

The trading session saw a total daily turnover of LE295.2 million.

The broader index EGX70 also rose by 0.1 percent.

The 'civil disobedience' campaign by anti-government protesters has entered its fifth day in Port Said, causing a closure of the city's schools, government offices, as residents demand ‘retribution’ in the killing dozens of Port Said protesters in clashes with police last month.

The sit-in calls have reached Egypt's Ismailia and Suez governorates as some residents are planning acts of civil disobedience to start next week in solidarity with Port Said.

The market’s heavyweight shares Orascom Construction Industries and Orascom Telecom rose by 0.7 and 1.1 percent respectively.

The banking flagship share Commercial International Bank (CIB) has slightly dropped by 0.03 percent.

Real estate shares, such as Talaat Mostafa Group and Palm Hills, maintained a flat performance standing unchanged, while Six of October Development and Investment (SODIC) dipped by 0.1 percent.

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