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Egypt stocks climb amid modest turnover

Main index gains 0.83 percent as investors remain bearish on prices' uncertainty following last month's big drop

Ahram Online, Wednesday 9 Apr 2014
Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)
Views: 723
Views: 723

Egypt’s main index gained 0.83 percent on Wednesday to reach 7,768 points as daily turnover registered a relatively modest LE636 million.

“The weak turnover indicates investors’ hesitancy to get back into the market after the last drop,” capital markets expert Mostafa Badra told Ahram Online.

Egyptian stocks took a tumble late last month following an announcement from former military strongman Abdel-Fatah El-Sisi that he would run in the country’s upcoming presidential elections.

"There is still a great deal of uncertainty about which direction prices will take now," added Badra.

Non-Arab foreign investors were the man net-buyers, to the tune of LE6.97 million, while Egyptians were the main net-sellers for LE7.22 million.

The majority of EGX30's shares were in the green, with Orascom Telecom Media and Technology Holding (OTMT) seeing the highest turnover, at LE83.7 million, and rising 1.83 percent to trade at LE1.11 a share.

Market bellwether Commercial International Bank (CIB) enjoyed the second highest turnover, worth LE58.5 million, while gaining 0.38 percent to trade at LE36.73 a share.

In the real estate sector, Palm Hills Development Company rose 1.43 percent to trade at LE3.55 a share. Six of October Development and Investment (SODIC) rose 1.43 percent to trade at LE24.84 a share. TMG Holding climbed 2.51 percent to LE7.77 a share.

As for telecommunications shares, Global Telecom Holding inched up 0.22 percent to trade at LE4.49 a share, while Telecom Egypt (TE) fell 0.20 percent to LE15.11 a share.

Investment bank EFG-Hermes saw its share price rise 1.50 percent to LE12.17 a share.

The broader EGX70 also rose on Wednesday by 1.31 percent.


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