Last Update 12:52
Thursday, 12 December 2019

Market report: American market pushes EGX 30 up by 0.6 percent

Main index ended the week in the green, gaining 0.6 percent to close at 6,951 points

Friday 24 Dec 2010
Market
Good news for US, and for Egypt too. (Photo Reuters)
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EGX 30 ended yesterday’s session on a green note rising 0.6 per cent, to close at 6,951 points.

“The equity of Citadel Capital have been heavily traded on this last day of the week [Thursday]. They leapt 3.8% to LE 8.74, reaching its highest price since Dec. 20, 2009,” Mohamed Sibaie, senior broker at HSBC Capital, said.

A Deutsche Bank report published Wednesday gave Citadel Capital Shares a “buy” rating. Citadel Capital is “unique in Central, Eastern Europe and the Middle East, a strong player in infrastructure in the Middle East and Africa,” says the global research house, setting a price target of EGP 12.40 per share.

The stock was the most active in both terms of volume and value, after 2.44 million shares were exchanged through 391 transactions at a total value of LE 21.3 million.

"World's stocks hit their highest level since September 2008, the U.S. economy expanded at 2.6 percent in the third quarter, the recent retail sales figures pointed to firmer economic activity in the world's largest economy,” Reuters reported Thursday.

“Another reason mentioned by Kamal Mahgoub, managing director of the Economic Community of Financial Advisors.

Nationals dominated 75.5 per cent of total trading, while foreign and Arab investors accounted for 14.2 per cent and 10.6 per cent of trading, respectively.

Retail investors, who tended to sell, controlled 61.8 per cent of total trading, while institutional traders, who also went on a selling spree, dominated 38 per cent of trading.

Tracking stock movement, Bisco Misr was the top upward mover, rising 6.7 per cent, to LE31.5. It was followed by El Kahera El Watania Investement , which surged up 6 per cent, reaching LE 11.4.

At the other end, Cairo Development and Investements was the biggest drag on the overall index, falling by 5. 9 percent, to LE46. It was followed by Suez Canal Bank, which dropped by 3.6 per cent, down to LE 9.

All sectors turned green today, expect for Basic Resources and Banks, with Financial Services Excluding Banks being the most active. It dominated 31.6 per cent, or over LE 40.9 million, of the day’s trading. This was followed by the Real Estate sector which featured in 19.7 per cent, or over LE 39 million, of the day’s activity.

The EGX 70 for small and medium businesses closed on a significant gain of 1 per cent, to reach 729.4 points, ending a sequence of four straight losses.

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