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Tuesday, 26 January 2021

Egyptian stocks rally on Tuesday after sharp drop

Main index rebounds after heavy losses caused by profit-taking and anxiety regarding upcoming Morsi trial

Ahram Online, Tuesday 29 Oct 2013
Egypt
Traders work at Egypt's Stock Exchange in Cairo July 3, 2013 (Photo: Reuters)
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Egypt’s main EGX30 index was up 0.41 percent on Tuesday, bringing year-to-date gains to 11.6 percent.

Stocks had slumped sharply on Monday due to profit-taking by investors and anxiety surrounding deposed president Mohamed Morsi’s impending trial, which is scheduled to begin on 4 November.

Turnover of listed stocks reached LE722 million, buoyed by cross-trading on Pioneers Holding shares worth LE307 million.

The transaction may also be credited for the main index’s positive performance, according to Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, who told Ahram Online that he predicts a volatile market in the coming period.

Real estate main players Six of October Development & Investment (SODIC) and Palm Hills Development Company gained 0.89 percent and 1.63 percent respectively on Tuesday.

Commercial International Bank (CIB), Egypt’s largest listed entity, slid 0.17 percent.

Egyptian investors were the largest net-sellers at LE17.6 million, followed by Arab investors, while non-Arab foreigners were net-buyers for the session, to the tune of LE32.1 million.

The broader EGX70 index rose 0.61 percent.

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