Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)
Egypt’s stocks started the trading week up as domestic investors (most of them individuals) continue to buy, not spooked by the four bombings that occured in Cairo and South Sinai Friday.
Cairo saw the first blast at a traffic checkpoint in the Heliopolis district, killing a low-ranking police officer and injuring a security officer and three security conscripts then two suicide attacks that took place in El-Tor City, 100 kilometres north of Sharm El-Sheikh in South Sinai targetting a checkpoint and a tour bus, leaving at least one conscript dead and nine others injured. Late Friday night another blast hit Ramsis Street in central Cairo, killing one, suspected to be the bomber.
The main EGX30 index rose 0.6 percent Sunday recording 8,308 points with Egyptians net buyers at some LE13.6 million.
The market benchmark held Sunday despite the fall of bellwethers Commercial International Bank (CIB), Talaat Mustafa Group (TMG) and Six of October Development and Investment (SODIC) down 0.3 percent per each, registering LE37, LE8.8 and LE25.5 per share respectively.
Foreign investors were net sellers of some LE36.4 million in a session that saw a total daily turnover of listed securities worth LE588.1 million.
The broader EGX70 index also increased, by 0.4 percent.
On Wednesday, an analyst told Ahram Online: “The political situation nowadays has more influence on the stock market than business and economy.”
He added that as the nation heads into presidential elections in May, most market experts expect a bullish trend to continue.
Global Telecom (GT), Palm Hills Development (PHD) and Ezz Steel rose 1.3 percent, 2.4 percent and 0.8 percent to close at LE5.2, LE4.1 and LE16.6 per share respectively.
Short link: