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Egypt stocks end week in green on foreign buying

Arab and non-Arab foreign investors drive EGX30 up 2.12 percent to 8,744 points

Ahram Online, Thursday 24 Jul 2014
Traders work at Egypt
Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)
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Egyptian stocks rallied on Thursday as Arab and foreign investors raised their purchases, analysts said.

The benchmark EGX30 index climbed 2.12 percent to record 8,744 points and the broader EGX70 index increased 0.56 percent.

"Arab and non-Arab foreign investors are more appreciative of El-Sisi's economic reform plan as they do not have to live through its social implications," Eissa Fathy, vice head of the securities division at the Cairo Chamber of Commerce, told Ahram Online.

Egyptian investors were net sellers this week to the tune of LE125.3 million, while Arab investors were net buyers to the tune of LE23.4 million and non-Arab foreign investors were net buyers to the tune of LE101.9 million.

Earlier this month, President ِAbdel-Fattah El-Sisi reduced fuel subsidies as part of the country's urgently needed economic reform programme.

Daily listed stock turnover registered around LE628 million, its highest level this week.

Out of 174 traded stocks, 125 were gainers.

Market bellwether Commercial International Bank (CIB) was the biggest gainer in the main index, rising 4.19 percent to record its highest share price this year at LE40.81 per share.

CIB reported record consolidated net profits of LE1.74 billion on Tuesday for the first half of 2014, representing a 31 percent rise from the same period in 2013 when net profits were LE1.33 billion.

Talaat Moustafa Group (TMG) holding continues to lead the real estate sector, rising 3.19 percent to LE9.42 per share.

Palm Hills Development (PHD) company also made significant gains, climbing 2.2 percent to LE4.15 per share. While Six of October for Development and Investments Company (SODIC) slightly increased by 0.03 percent to LE37.89 per share.

Egypt's leading investment bank, Egyptian Financial Group-Hermes (EFG-Hermes), saw its share price rise 2.22 percent to LE15.72 per share.

Global Telecom Holding (GTH) inched up 1.55 percent to LE5.19 per share.

Orascom Telecom Media and Technology Holding (OTMTH) increased 0.8 percent to LE1.26 per share and state-run Telecom Egypt (TE) was up 0.07 percent to LE13.45 per share.

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