Egypt stocks closed up the week ahead of the presidential election

Ahram Online, Thursday 22 May 2014

El-Sisi & Sabbahi
Egypt's presidential candidates (Photo: Ahram Online)

Egypt’s stocks rose on Thursday, as investors were positive after the announcment the final tally of votes by Egyptians abroad in the presidential election, showing a huge lead for Abdel-Fattah El-Sisi over his rival Hamdeen Sabahi, state’s Al-Ahram news website reported.

The committee stated on Wednesday that the final count of votes show that 318,033 expatriates had cast their ballots in 141 polling stations in Egyptian consulates and embassies around the globe. The overseas stations were open from Thursday 15 May to Monday 19 May.

Out of 318,033 votes cast, former military chief El-Sisi won 296,628 (94.5 percent) votes, while Sabahi got 17,207 (5.5 percent). Invalid votes totalled 4,198 votes.

The market benchmark EGX30 elevated 1.1 percent recording 8,727 points in a session saw a significant total daily turnover of listed securities worth some LE1 billion.

The broader index EGX70 inched up 0.4 percent.

Domestic investors ended the trading as net-seller of LE62.8 million, however the foreigners were net-buyer of LE38.4 million.

The heavyweight stock Commercial International Bank (CIB) increased 0.8 percent to close at LE38.6 per share.

Real estate developers Talaat Moustafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) all closed on positive note rising 1.4 percent, 0.6 percent and 1.5 percent registering LE9.8, LE4.5 and LE28.6 per share respectively. 

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