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Market report: Good reports stop the slide of Egypt EGX 30

National traders regain confidence, pushing the market up 0.4 per cent.

Khaled Barakat , Monday 24 Jan 2011
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Views: 1363

The EGX 30, the main index of the Egyptian stock exchange, edged up 0.4 per cent to 6.723 points, gaining strong momentum from national buying.

Investment bank CI Capital issued a report stating its confidence in the potential of the Egyptian stock exchange, and saying that it expected it to overcome the panic caused by the political unstable situation in neighbouring countries.

“The improvement of global indicators and the increase in foreign exchange reserves at the Central Bank are positive factors for foreign investors,” said Kamal Mahgoub, Managing Director of the Economic Community of Financial Advisors.

Egyptian traders were net buyers today, dominating 65 per cent of total trading. Egyptians purchased shares at a gross value of LE 800.3 million, with a buy/sell difference of LE 206 million.

The big caps are giving mixed messages, as the market is not recovering yet.

Orascom Telecom's shares did not respond to good news from Telenor. The Nordic region’s biggest phone company recently announced its ongoing commitment to its investment in Russia’s VimpelCom, of which it owns 40%. Telenor is resisting the merger between the Russian company and Orascom Telecom’s parent company.

Amer Group’s stock rose 0.8 per cent to reach LE 2.4, after the real estate developer announced the launch this week of the first phase of "Porto Tartous", the biggest tourism project in Syria. Amer Group launched its successful Initial Public Offering (IPO) in December 2010.

The EGX 70 rose 2.3 per cent to 709 points.

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