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Egypt’s main stock index sees slight rise amid low turnover

Ahram Online, Sunday 31 Aug 2014
EGX
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Egypt’s main index saw only a slight increase on Sunday despite the announcement of the details for the financing of a project to extend the Suez Canal, according to a local analyst.

The benchmark EGX30 index increased 0.12 percent to 9,446 points, while daily stock turnover recorded LE540.4 million.

“The market feeds on news and the lack of recent news is the main reason its rise is not significant,” Eissa Fathy, vice head of the securities division at the Cairo Chamber of Commerce, told Ahram Online.

The market has already risen significantly on news of the new mega-project to dig another channel alongside the Suez Canal. This rise is keeping the main index balanced and preventing it from falling, added Fathy.

Arab investors were net sellers to the tune of LE44.7 million on Sunday, while non-Arab foreign investors were net buyers of LE30.7 million.

Market bellwether Commercial International Bank (CIB) inched up 0.48 percent to LE46.49 per share.

Financial services company Pioneers Holding was the EGX30’s biggest gainer, rising 3.3 percent to LE15.9 per share.

The company sold 3.2 million of its shares in the incentives and reward fund in a block trade on Thursday’s session.

Orascom Telecom Media and Technology Holding (OTMT) inched up 0.8 percent to LE1.25 per share.

Egypt’s leading investment bank, Egyptian Financial Group-Hermes (EFG-Hermes), decreased 0.06 percent to LE17.95 per share.

In real estate sector, Six of October for Development and Investments Company (SODIC), fell 0.09 percent to LE44.75 per share, Talaat Moustafa Group (TMG) Holding dropped 0.1 percent to LE10.43 per share and Medinet Nasr Housing was down 0.31 percent to LE44.7 per share.

Fathy said that the real estate stocks fell due to profit making.

The broader EGX70 index was up 0.26 percent.

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