Egypt's main index up as foreigners continue buying trend

Ahram Online, Wednesday 6 Aug 2014

EGX30 records records over 9,000 points, buoyed by investor confidence and news of a Suez Canal mega project announced

Egypt Stock Market
Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)

Egypt's stocks continued to rally on Wednesday as investors become more confident in the country's macroeconomic stability and foreigners continue a buying trend for the 12th consecutive session, according to an analyst.

The benchmark index EGX30 inched up 0.41 percent to 9,047 points after breaking the 9,000 record level on Tuesday.

"Cutting fuel subsidies and starting the new Suez Canal project signals a move towards more sound macroeconomic indicators and thus boosts investors' confidence," Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce, told Ahram Online.

On Tuesday, Egypt's president Abdel-Fattah El-Sisi announced the start of a new mega project to add a 72-km-long waterway alongside the Suez Canal to boost revenues.

Daily stock turnover registered LE831.5 million.

Non-Arab foreign investors were net buyers for the 12th consecutive session to the tune of LE40.5 million while Egyptians were net sellers for LE39 million.

Market bellwether Commercial International Bank (CIB) declined 0.19 percent to LE43.49 per share.

Non-banking financial services Pioneers Holding increased 3.55 percent to LE15.6 per share and Egyptian Financial Group-Hermes (EFG-Hermes) rose by 1.55 percent to LE17.21 per share.

Medinet Nasr Housing was the biggest gainer in the EGX30 index, rising 3.87 percent to LE45.6 per share.

Talaat Moustafa Group (TMG) company inched up 0.21 percent to 9.73 per share while Six of October Development and Investment Company (SODIC) fell 1 percent to LE38.61 per share.

The broader index EGX70 inched up 0.17 percent.

 

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