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Egypt's market inches up amid low volumes

Main index up 0.19 percent with daily turnover halved to LE513 million, as investors adopt 'wait and see' approach ahead of presidential elections

Ahram Online, Sunday 11 May 2014
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Egypt’s main index inched up 0.19 percent on Sunday to sit at 8,223 points.

Volumes were low, as daily turnover dipped to LE513 million.

"Trading volumes had been buoyed by odd transactions in the past week involving Six of October for Development and Investment (SODIC) and Citadel Capital," explained Eissa Fathy, vice-head of the securities division at Cairo's Chamber of Commerce.

"Now we see the volumes which reflect true investor sentiment ahead of the presidential elections, which favour a wait-and-see approach," Fathy added.

Egypt is set to hold its second presidential poll since the January 2011 revolution, with voting taking place on 26-27 May. 

Non-Arab foreigners – who accounted for a mere 3 percent of market activity, compared to 22 percent in the last session – were the only net-buyers, to the tune of LE8.1 million.

Property developer SODIC led the gains in the EGX30 with a 6.61 percent rise to trade at LE25.96 per share, after it had plunged some 10 percent in a cross trade last week.

Within the sector, Palm Hills Development Company inched up 0.47 percent to LE4.24 a share, and TMG Holding rose 0.45 percent to LE8.85 a share.

Market bellwether Commercial International Bank (CIB) slid 0.08 percent to LE37 a share.

In the telecom sector, Orascom Telecom Media and Technology Holding (OTMT) rose 0.79 percent to LE1.27 a share, while Telecom Egypt (TE) fell 0.48 percent to LE14.37.

The broader EGX70 index slid 0.04 percent.

 

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