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Wednesday, 12 August 2020

Egypt stocks hit highest level since August 2008

EGX30 up 1.14 percent and EGX70 up 0.85 percent as Egyptian and Arab investors were net-buyers pending defence minister's expected candidacy announcement

Ahram Online, Tuesday 25 Mar 2014
Egypt’s stock market (Photo: Reuters)
Views: 1191
Views: 1191

Egypt's indices were gainers on Tuesday, buoyed on Egyptian investor optimism regarding the approaching start of presidential elections in the coming week.

The main EGX30 climbed 1.14 percent to 8,502 points, its highest level since August 2008 according to state-run news agency MENA, while the broader EGX70 gained 0.85 percent in a session that recorded a strong turnover of listed stocks at LE1.07 million.

"There is euphoria in the market as we come close to the election committee setting the framework for Egypt's presidential race, and the nomination of candidates, expected next week," Mohamed Radwan, head of equities at Pharos Holding, told Ahram Online.

Investors are particularly keen on seeing popular military strongman and current Defence Minister Abdel-Fattah El-Sisi finally announce his candidacy after months of speculation.

Egyptian investors, including retail, were net-buyers on Tuesday to the tune of LE22.7 million, followed by Arab investors for LE7.4 million.

Non-Arab foreign investors, who accounted for 8.67 percent of market activity, reverted to being net-sellers, "in line with the recent global outflow from emerging markets, led by Turkey and Russia," said Radwan.

The majority of EGX30's shares were up. Market bellwether Commercial International Bank (CIB) rose 1.38 percent to LE38.11 a share, while investment bank EFG-Hermes climbed 2.23 percent to LE13.30.

Global Telecom Holding gained 0.21 percent to LE4.88, Orascom Telecom Media and Technology Holding (OTMT) rose 0.68 to LE1.47 and Telecom Egypt (TE) climbed 2.36 percent to LE17.77 a share.

Metallurgical giant Ezz Steel was up 0.44 percent to close at LE18.20 a share.

In the real estate sector, TMG Holding gained 0.71 percent to LE8.56 a share, Palm Hills Development Company was up 2.18 percent to LE4.22, and Six of October Development and Investment (SODIC) gained 3 percent to LE30.24.


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