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Egypt's market up on positive financial results by banks

Investor optimism due in part to new economic projects - like digging a parallel Suez Canal - and positive results from banks like Abu Dhabi Islamic Bank

Ahram Online, Monday 11 Aug 2014
Traders work at the Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo January 3, 2013 (Photo: Reuters)

Egypt's main index soared on Monday, due to what an analyst says is the market continuing to respond to the banking sector's positive performance in first half of 2014.

The benchmark index EGX30 climbed by a whopping 1.32 percent to 9,237 points on Monday while daily stock turnover registered LE718.2 million.

"Investors were able to find confidence in the market as banks report positive financial results, such as Abu Dhabi Islamic Bank," Eissa Fathy, vice head of the securities division at Cairo Chamber of Commerce, told Ahram Online.

Investors are also optimistic over positive news in the economy, most recently the announcement of a new Suez Canal project by Egypt's President Abdel-Fattah El-Sisi.

Non-Arab foreign investors were net buyers to the tune of LE71.6 million while Egyptian investors were net sellers to the tune of LE79 million.

Institutions – contributing 27.4 percent of trading on Monday – were net buyers.

Market bellwether Commercial International Bank (CIB) managed to achieve the highest turnover in the EGX30 index, registering LE69.8 million.

CIB gained 2.72 percent to record LE44.65 per share.

Egypt's leading investment bank, Egyptian Financial Group-Hermes (EFG-Hermes), increased 1.7 percent to LE17.49 per share.

Orascom Telecom Media and Technology Holding (OTMTH) recorded the second biggest turnover at LE54.3 million and gained 0.76 percent to LE1.31 per share.

State-run Telecom Egypt (TE) inched up 0.29 percent to LE13.77 per share.

The real estate sector continued to lift the main index.

Leading real estate company Talaat Moustafa Group (TMG) was up 1.65 percent to LE9.75 per share and Six of October Development and Investment Company (SODIC) gained 1.27 percent to LE39.49 per share.

Medinet Nasr Housing was up 1.6 percent to LE45.49 per share and Palm Hills Development (PHD) company rose 0.47 percent to LE4.26 per share.

In the industrial goods sector, automobile manufacturer Ghabour Auto (GB Auto) gained 2.31 percent to LE33 per share while cables producer ELSWEDY Electric inched down 0.34 percent to LE35.22 per share.

The broader index EGX 70 inched up 0.22 percent.

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