“The index reversed its trend after the early gains of today's session, due to the buying spree of Arabs, “says Mohamed Elsebaie, senior broker of HSBC capital.
“They made good profits, their presence were intensified this week, normally profit-taking comes after gains,” added Elsebaie.
The Arab traders achieved a net sale value of LE188 million, while Egyptian and foreigner traders purchased at a net buy value of LE13.9 million and LE174,000 respectively
The trading value exceeded the LE1 billion mark, and the capital market amounted to LE498.3 billion.
“The positive news of today will support the market during the next phase,” says Hanafy Awad, financial analyst for Watheeqa Security Brokerage.
Raya jumps 3 per cent to an eight month high, a total of 220,411 shares changed hands in 170 transactions at a gross value of LE1.365 million.
Raya’s Investor Relations Manager, Reem Asaad, unveiled today that the distributor has been in talks with 10th of Ramadan for Pharmaceuticals and Diagnosing Products (Ramida) to agree on a final price for buying a 30 per cent stake of the company at a maximum of LE1789.93 a share.
Mobinil shares jumped 2.94 per cent to LE170.32 in today’s mid-trade, after the shareholders' meeting gave its go ahead for a to dividend payout.
The mobile operator announced today that coupon No.23 will be paid at LE9.19 per share as of January 27. Shareholders of record till the close of trading on Sunday January 23 are entitled to this dividend.
Tracking stock movement, Kafr El Zayat Pesticides was the top upwards mover, soaring by 10 per cent, to LE141.6. It was followed by Faisal Islamic Bank of Egypt, which surged 8.9 per cent, reaching LE24.2.
At the other end, Alexandria Containers and Goods was the biggest drag on the overall index, plunging 4. 7 per cent to LE107. It was followed by Egyptian Real Estate Group Bearer Shares, which dropped by 4.7 per cent, down to LE65.9.
Most sectors were turned on a green note today, Food and Beverages being the most active by dominating 21.9 per cent, or over LE 16.4 million. The sector was followed by Banks, which controlled 17 per cent, or over LE 62.8 million.
The EGX 70 for small and medium business closed on a red note, declining by 0.5 per cent, to reach 754 points.