Egypt's stocks up amid weak trading

Ahram Online, Monday 12 May 2014

Market will receive its first Initial Public Offering (IPO) in four years when Arabian Cement company sells 30 percent of its stake on 21 May

Egypt’s Stock
Traders work at Egypt’s Stock Exchange in Cairo on December 8, 2013.(Photo:Reuters)

Egypt's stocks slightly increased on Monday amid weak trading value, as the market anticipates its first Initial Public Offering (IPO) in four years.

The benchmark index EGX30 inched up 0.21 percent to record 8,243 points, while the broader index EGX70 rose 0.41 percent and turnover value registered a mere LE463.6 million.

"Weak trading value could be a result of investors' anticipation for the first IPO in four years," Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Arabian Cement company is set to raise $120 million by selling up to 30 percent of its stake around 21 May, becoming the first listing in the stock exchange since the toppling of former president Hosni Mubarak in February 2011.

Market bellwether Commercial International Bank (CIB) saw its stock price inch down 0.27 percent to LE36.77, as investors expect its Q1 results this Thursday.

In the real estate sector, Six of October Development and Investment company (SODIC) inched up 1.04 percent to LE26.05 per share, while Talaat Mostafa Group fell 0.11 percent to LE8.78 per share.

Investment bank EFG-Hermes increased 0.08 percent to LE13.13 per share.

State-run Telecom Egypt (TE) inched up 0.07 percent to LE14.39 per share.


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