Egypt stocks hit highest level in 6 years in first trading after Eid

Ahram Online, Thursday 31 Jul 2014

Egyptian Stock Exchange
A view shows the Egyptian Stock Exchange in Cairo (Photo: Reuters)

Egypt's stocks hit a whopping rise on Thursday in the first trading following Eid Al-Fitr holiday, as the main index registered its highest increase in six years.

The Market's benchmark EGX30 rose 1 percent, recording 8,826 points in a session that witnessed large proportion of non-Arab investors amounted to roughly 34 percent.

"EFG-Hermes has executed the sale of its treasury shares on Thursday, which energised the market's activity and raised the foreigners' participation," Eissa Fathy the vice head of the securities division at Cairo Chamber of Commerce told Ahram Online.

Last week, Egyptian Financial Group, Hermes Holding Company (EFG-Hermes) announced the sale of 36.96 million treasury shares EGP15.32 per share.

Foreign investors were net buyers of LE609.1 million worth of shares, however the Egyptians were net sellers with LE603.7 million.

The broader index EGX70 rose 0.9 percent with the total daily turnover of the listed securities worth LE757.8 million.

The market's bellwether Commercial International Bank (CIB) surged 4.2 percent to close at LE42.30 per share.

Real estate developer stocks all increased, led by Talaat Moustafa Group (TMG), which up 1.4 percent to close at LE9.50 per share.

Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) rebounded 0.5 percent and 1.8 percent registering LE4.17 per share and LE38.69 per share respectively.

EFG-Hermes slipped 0.7 percent to close at LE16.31 per share.

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