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Egypt's benchmark index rises as CIB makes considerable gains

Real estate companies also saw price rises in Monday's session

Ahram Online, Monday 17 Mar 2014
Egypt
Traders work in Egypt's stock exchange (Photo: AP)
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Egypt's benchmark EGX30 index inched up 0.43 percent to reach 8,161 points on Monday.

"The main index was influenced by Commercial International Bank's significant performance this session," Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Listed stock turnover was LE872.5 million ($125.3 million).

Egyptians were net sellers to the tune of LE108 million ($15.5 million) while non-Arab foreigners were net buyers of LE93 million ($13.4 million).

Some 74 stocks achieved gains, out of listed 182 stocks.

Market bellwether Commercial International Bank saw its share price rise 1.08 percent to LE37.70 ($5.40) per share and achieved the highest turnover in the session, some LE88 million ($12.6 million).

"Monday was the last opportunity to hold share with dividends payable at the end of this financial year. Investors buying CIB shares starting tomorrow would wait until the next financial year for their first dividends payment," said Abdel-Aziz.

Real estates company Palm Hills inched up 0.52 percent to LE3.90 ($0.56) per share, with a turnover value of LE36 million ($5.2 million).

Talaat Moustafa Group also saw its share price gain 1.22 percent to reach LE8.25 ($1.19) per share, registering a turnover of LE46.5 million ($6.68 million).

The aforementioned three companies contributed 19.5 percent to the total market stock turnover, pushing up the main index. 

The telecommunications sector however saw price falls. Orascom Telecommunications Media and Technology (OTMT), Global Telecom Holding (GTH) and Telecom Egypt (TE) all saw their share prices decline in the session.

Orascom Telecommunications Media and Technology's last share price was LE1.44 ($0.20), a 0.69 percent drop.

Global Telecom Holding's share price fell 0.43 percent to LE4.59 ($0.66) per share and Telecom Egypt inched down 2.05 percent to LE15.79 ($2.27) per share.

The broader EGX70 index rose 0.38 percent.

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