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Egypt stocks gain on tenuous recovery: Analysts

'[Stocks were] able to rise as most investors interested in selling had already sold their stocks in the past few sessions', analyst says

Ahram Online, Tuesday 8 Apr 2014
stock market
Traders work at Egypt's Stock Exchange in Cairo July 3, 2013 (Photo: Reuters)
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Egypt’s two main indices finished in the green on Tuesday in what analysts describe as a tenuous recovery.

The benchmark EGX30 index rose 2.32 percent to 7,704 points, while the broader EGX70 index gained 3.01 percent.

“The index was able to rise as most investors interested in selling had already sold their stocks in the past few sessions, so there was less pressure from the selling side,” Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

Listed stock turnover reached LE615 million, which is well below its value - around LE1.5 billion - prior to the significant declines in recent sessions.

The low turnover was seen by Fathy as an indicator the recovery remains tenuous.

“Funds which pressured the market with large selling volumes were pressured themselves by large selling orders from their investors. Some funds even received the highest levels of selling in the few years they've been operating,” added Fathy.

Market bellwether Commercial International Bank was up 2.32 percent to LE36.75 per share on a turnover of LE33.9 million.

In the telecommunications sector, Orascom Telecom Media and Technology (OTMT) and Global Telecom Holding made gains. OTMT gained 4.81 percent to LE1.1 per share, achieving the highest turnover value in the main index at LE83.5 million, while GTH inched up 2.28 percent to LE4.47 per share.

Telecom Egypt inched down 0.33 percent to LE14.95 per share.

In the real estate sector, Palm Hills, Six of October Development Investment Company (SODIC) and Talaat Moustafa Group (TMG) all gained.

Palm Hills was up 2.94 percent to LE3.45 per share, SODIC inched up 3.86 percent to 24.53 per share and TMG increased 2.43 percent to LE7.75 per share.

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