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Wednesday, 08 April 2020

Market report: EGX 30 in the green for the third day

The banking, the leading sector of the year, pulled the market up 0.7 percent on Wednesday

Marwa Hussein, Wednesday 29 Dec 2010
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EGX 30 reached a new seven month record. The main market index ended the day on a positive note edging up 0.7 percent, to close at 7,075 points, maintaining its ascending trend for the third straight day.  

Yesterday, EGX 30 crossed the 7000 barrier for first time in seven months.

"The banking sector, the construction and materials sector and Real Estate were leading today as during the whole year. Commercial International Bank (Egypt) and Orascom Construction Industries (OCI) were leading today," said Mostapha Badra, chief executive officer of EAC Holding.

OCI stock passed LE280 after the company won a contract to build a solar energy installation in Morocco. "The profits and the good performance of the banking sector augmented the demand on the sector which rose 71 percent during the year, an unprecedented percentage of its history," added Mostapha Badra.

Foreigners maintained their normal levels of 20 percent that, after a period of decline, was yesterday restored, but shifted today to net sellers. Arab investors nearly disappeared.

Egyptian traders dominated the market with 79.7 percent of total trading and were net buyers.

"The foreigners shifted today from buyers to sellers because of the transaction of Nile City Investment which was sold by foreigners and bought by Egyptians," explains Badra.

Institutional traders dominated the market with 70 percent of trading and were net buyers. Individuals, on the other hand, tended to sell.

Tracking stock movement, Gezira Hotels & Tourism was the top mover to the upside, soaring by 9.28 percent to LE25.80. It was followed by Cairo Development and Investment which surged 6.27 percent, reaching LE45.09.

At the other end of the scale, Golden Pyramids Plaza was the biggest drag on the overall index, plunging 4.95 percent to LE4.99. It was followed by Bisco Misr, which dropped by 2.82 percent taking the share price down to LE30.98.

Eight of the seventeen sectors traded in the market were turned on a green note today, while five remained unchanged and four went down.

The EGX 70 for small and medium business closed on a red note for the fourth session, declining 0.24 percent, to reach 722 points.

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