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Tuesday, 01 December 2020

Market report: Commercial International Bank results drives the market upward

EGX30, Egypt's main stock market index, rose by 0.82 per cent to 6,996 points, led by the largest listed lender, which exceeded expectations. The total turnover in the mid-week session was LE1.336 billion

Khaled Barakat , Tuesday 14 Dec 2010
The EGX 30 index rose up for the fifth session
The EGX 30 index rose up for the fifth session
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EGX30, the main stock market index, rose by 0.82 per cent to 6,996 points. The total turnover in the mid-week session was LE1.336 billion.

Commercial International Bank (CIB) announced its consolidated financial figures today for the first nine months of 2010, showing an 11.4 per cent jump in net earnings to LE1.43 billion, compared to LE1.27 billion in the same period in 2009. 

“Positive news still drive the market to rise, The Commercial International Bank shares have climbed 3.8 per cent, the stock hits its highest level ever,” said Sameh Abu Arayes, president of the Arab Society for Technical Analysts.

Egypt's largest listed lender by market capitalization led most actives by volume at a total of LE74.37 million. 

“Banks have been the most active this week, leading the EGX30 for its fifth rise session today, they led the market to breach the 6700 barrier in the midsession,” said Mohamed al-Sebai, a senior broker at HSBC capital.

Union National Bank, Al Baraka Bank and the National Development Bank dominated the trading for the last four sessions.

The shares of Egyptian Real Estate Group Bearer were the top gainers, soaring by 9.8 per cent to LE66.2. Bearer was followed by Union National Bank - Egypt (UNB), whose shares surged by 7.8 per cent to LE10.9.

Bisco Misr was the biggest drag on the overall index, plunging by 11 per cent to LE29.3. It was followed by Golden Pyramids Plaza which dropped 4 per cent to LE4.9.

Construction and materials was the most active sector, dominating 19.31 per cent of trade. It was followed by the telecoms sector with 15.276 per cent.

Individuals represented 39 per cent of the trading in the market, while institutions represented 60.9 per cent.

In contrast to the EGX30 performance, the EGX70 declined for the second day by 0.55 per cent, reaching 749 points with a trading value of LE248.6 million. The EGX70 accounts for 11.9 per cent of the total market capitalization, with a value of LE31.1 billion.

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