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Egypt's bourse continues rally on Wednesday as foreign investors buy

Benchmark index rises 2.4 percent as turnover reaches LE928 million

Ahram Online , Wednesday 29 Oct 2014
Stock Exchange in Cairo
A view shows the Egyptian Stock Exchange in Cairo (Photo: Reuters)
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Egypt's stocks rallied on Wednesday as foreign investors showed an appetite for Egyptian blue chips.

The benchmark EGX30 index rose 2.37 percent to close at 8,952 points as turnover of listed stocks climbed to LE928 million.

Non-Arab foreigners accounted for a relatively high 24 percent of market activity as net-buyers to the tune of LE29.2 million, followed by Arab investors with a net LE10.6 million, while local investors were net-sellers.

Real estate stocks were among the most active, led by Heliopolis Housing in terms of turnover, which rose 4.50 percent to LE4.50.

TMG Holding climbed 5.70 percent to LE10.38, while Six of October Development and Investment (SODIC) continued to climb by 7.98 percent to LE16.11.

Palm Hills Development Company rose 2.36 percent to LE3.9.

Market bellwether Commercial International Bank (CIB) was up 2.38 percent to LE47.26.

Cairo-based investment bank EFG-Hermes saw its share price jump 3.45 percent to LE16.38.

Orascom Telecom Media and Technology Holding, which was among the most traded stocks with a turnover of LE58.6 million, rose 0.88 percent to LE1.14.

Global Telecom Holding rose 0.23 percent to LE4.39 while Telecom Egypt gained 1.12 percent to close at LE13.52.

The broader EGX70 index was up 1.2 percent.
 

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