Egypt's stocks stop bleeding amid local, Arab purchases

Ahram Online , Monday 18 Jan 2016

File Photo: A trader works at the Egyptian Stock Exchange after its reopening, in Cairo March 23, 2011 (Reuters)

Egypt’s stocks rebounded on Monday following a week of losses, mirroring the weak performance among global and regional markets due to the ongoing decline of oil prices.

oil prices fell below $28 a barrel in Asia over of a worsening supply glut after western sanctions on Iran were lifted, allowing Tehran to resume oil exports.

Saudi and Abu Dhabi indices inched up 0.09 percent and 0.20 percent respectively.

Arab and local investors were net-buyers to the tune of LE57.8 million and LE11.6 million respectively. Foreigners sold some LE69.4 million worth of shares.

"Foreigners preferred to take short profits as they fear the market’s current volatility, given the oil prices and Mideast unrest," said Eissa Fathy, the vice head of the Securities Division at the Cairo Chamber of Commerce.

Out of 165 stocks traded, 106 shares saw gains while 14 securities declined in a session that recorded a modest daily turnover worth LE379.3 million.

The heavyweight Commercial International Bank (CIB) rose 3.89 percent to close at LE32.28 per share.

Orascom Telecom Media and Technology (OTMT) rose a whopping 5.77 percent to be sold at LE0.55 per share.

Real estate developer Talaat Moustafa Group (TMG) soared 3.58 percent to close at LE5.49 per share.

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