Egypt's market closes week slightly up
Ahram Online, , Thursday 31 Mar 2016


Egypt's market ended an unstable week slightly up, driven by Egyptian buyers and amid high stock turnover.

Benchmark index EGX30 edged up 0.53 percent to 7,524 points, with daily stock turnover slightly above EGP 1 billion.

Egyptian investors were net buyers to the tune of EGP 141 million, while Arab investors were net sellers to the tune of EGP 148 million.

The government announced on Wednesday it approved the state budget for the fiscal year to begin in July with a 9.9 percent deficit and minimal increase in spending.

Blue chip Commercial International Bank extended losses, inching down 0.29 percent to EGP 38.43 per share.

State-run landline operator Telecom Egypt dipped 0.36 percent to EGP 8.12 a share.

TE unveiled Maged Osman as their new chairman and Tamer Gadallah as the new CEO on Thursday, a day after the government replaced all its representatives on the board.

Resorts developer Porto Group was the most heavily traded stock in the main index and gained 2.86 percent to EGP 0.35 a share.

With the highest turnover value in the main index, financial services company Citadel Capital surged 5.23 percent to EGP 1.66 per share.

Real estate developers 6 October for Development and Palm Hills for Development followed, rising 5.62 percent to EGP 12.05 per share and 1.4 percent to EGP 2.9 a share respectively.

Leading steel manufacturer Ezz Steel saw a 1.07 percent decline in its share price to EGP 9.21 a share after the company announced a fall in sales in 2015 with net losses of EGP 418 million in 2015 compared to EGP 697 million in 2014.

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