Egypt's stocks continue rally on Tuesday

Ahram Online , Tuesday 19 Jan 2016

Egyptian Stock Exchange

Egypt’s stocks closed up on Tuesday amid Arab investors’ purchases and news of the government’s plans to list shares in state-owned banks and companies on the stock market to boost economic growth.

The benchmark EGX30 index soared 2.63 percent to register 6,097 points in a session that saw a daily turnover for listed securities worth LE518.2 million.

Arab investors were net-buyers of LE47.7 million-worth of shares.

Out of 167 shares that were traded for the day, 128 gained and only nine shares declined.

Central bank governor Tarek Amer told Reuters on Tuesday that the bank is studying the possibility of offering shares in two state banks in initial public offerings.

The last time state-owned companies were listed on the exchange was in 2005 when shares of Telecom Egypt (TE), the state's landline monopoly were listed.

TE and Orascom Telecom Media and Technology (OTMT) rose 3.45 percent and 5.45 percent to be sold at LE6 per share and LE0.58 per share respectively on Tuesday.

The market’s heavyweight Commercial International Bank (CIB) was up 2.29 percent to close at LE33.02 per share.

Real estate bluechip Talaat Moustafa Group (TMG) increased 3.64 percent to register LE5.69 per share.  

The broader EGX70 index went up 3.74 percent.

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