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Egypt stocks rally as market picks up on thursday

EGX30 up 0.65% and turnover reaches LE644 million as Egyptians and non-Arab foreigners net-buyers at close of week

Ahram Online, Thursday 28 Aug 2014
Egyptian Stock Exchange
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)

Egypt stocks were more active at the end of the week as the main index rose 0.65 percent to close the session at 9,435 points and turnover picked up to LE644 million.

The past week witnessed a relative lull in market activity, which led the value of traded stocks to drop as low as LE597 million, as the market moved sideways due to "investor hesitancy as no clear pattern emerged in the market," Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

Egyptian investors were net-buyers for LE7 million, followed by non-Arab foreigners for LE6.6 million, while Arab investors were net-sellers for LE13.7 million.

Market bellwether Commercial International Bank (CIB) recorded the highest turnover value of LE57.6 million, rising 1.14 percent to LE46.21.

In the real estate sector, TMG Holding inched down 0.19 percent to LE10.44, while Six of October Development and Investment (SODIC) rose 0.91 percent to LE45.37.

Global Telecom fell 0.92 percent to trade at LE5.41.

Cairo-based investment bank EFG-Hermes was up 0.55 percent to LE18.12.

The broader EGX70 index rose 0.24 percent. 

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