Egypt market back in green on foreign, institutional buying
Ahram Online, Monday 14 Jul 2014
EGX30 up 1.28% as foreign investors and local and foreign institutions are net-buyers despite stubbornly weak daily turnover of LE394 million


Egyptian stocks were back in the green on Monday, as foreign and institutional net-buying increased after a slow start to the week on Sunday.

The main EGX30 index rose 1.28 percent to end the session at 8,509 points.

Non-Arab foreign investors were net-buyers for LE41.2 million, followed by Arab investors for LE13.6 million.

Institutions, whether local or foreign, were all net-buyers at the session, which saw daily turnover inch up to LE394 million.

Orascom Telecom Media and Technology Holding (OTMT) led the EGX30 in turnover, achieving LE66 million as its share price climbed 2.44 percent to LE1.26.

Market bellwether Commercial International Bank immediately followed with LE56.3 million in turnover, rising 1.78 percent to trade at LE37.69.

Real estate shares were also among the most active, with Palm Hills Development Company rising 1.22 percent to LE4.16, Six of October Development and Investment Company (SODIC) gaining 1.44 percent to trade at LE37.21, and TMG Holding inching up by 1.11 percent to trade at LE9.07.

EFG-Hermes continued to rise from the previous session, by 1.77 percent to LE14.95, recouping some of the loss in its price after the undoing of a tender offer on 20 percent of its shares at LE16 a share last week.

Global Telecom Holding rose 0.77 percent to trade at LE5.24, while Telecom Egypt inched up by 0.90 percent to close at LE13.50.

The broader EGX70 index rose 0.55 percent.

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