Egypt's stocks inch up for first time in the week

Ahram Online, Thursday 26 Jun 2014

Supported by foreign investors' buyouts, Egypt's stocks trim losses received since Sunday

(Photo: AP)

Egypt's stocks resumed rising on Thursday after four consecutive sessions in the red as the main index EGX30 inched up 0.1 percent to record 8,093 points.

The first increase came as foreign investors ended the trading as net buyers of some LE21 million worth of shares. However, domestic investors were net sellers for LE46.6 million.

The Egyptian sales coincided with an initiative from President Abdel-Fattah El-Sisi, who this week called on locals and the expatriates to donate to the country's ailing economy as part of a drive called Tahya Masr, or Long Live Egypt.

El-Sisi said Tuesday in a speech delivered during the commencement ceremony at the Military Academy that he would donate half of his LE42,000 monthly salary and half of his wealth in support of the Egyptian economy.

The broader index EGX70 rose 0.9 percent in a session that saw a modest daily turnover of listed securities worth LE571.5 million.

The market's heavyweight share Commercial International Bank (CIB) declined 0.2 percent to close at LE35 per share.

As for telecom shares, Telecom Egypt (TE) and Global Telecom Holding (GTH) slipped 0.2 percent and 1.1 percent to register LE13.2 and LE5.10 per share respectively.

Prominent listed real estate developers went up, led by Talaat Mostafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) which rose 0.1 percent, 0.7 percent and 1.2 percent to close at LE8.40, LE3.9 and LE31.35 per share respectively.


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