Egypt's stocks soar 4.6pct in its first trading after Eid holiday

Ahram Online , Sunday 10 Jul 2016

In the first trading session after the close of Ramadan holiday, Egypt's stocks saw strong surges

Egypt's stocks (Reuters)

Egypt’s bourse resumed trading Sunday to close up in its first session since the Eid holiday last week.

The stock market’s benchmark EGX30 index rose by 4.66 percent to register 7,517 points with local investors and Arabs net buyers.

Out of 167 listed shares, 120 saw gains and only 13 declined in a session that saw a relatively high daily turnover worth some EGP833 billion compared to previous weeks.

The heavyweight listed Commercial International Bank (CIB) soared 5.25 percent to close at EGP42.68 per share.

Real estate developer Madinet Nasr Housing was the most traded share of the day, up 4.55 percent to close at EGP13.33 per share.

Egypt’s leading property developer Talaat Mustafa Group (TMG) saw a whopping rise of 7.63 percent to register EGP5.64 per share. The country’s leading investment bank, EFG Hermes, rose 4.82 percent to close at EGP11.96 per share.

Prominent steel producer Ezz Steel rose 5.61 percent to be traded at EGP8.10 per share.

The broader EGX70 index was up 1.95 percent.

*The official exchange rate for $1 = EGP8.78

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