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Egypt's main index slightly up, while broader indices decline

Bourse rises slightly amid buying from foreigners and upsurge from real estate and financial services shares

Ahram Online, Tuesday 12 Aug 2014
Staff at Egypt
File Photo: Staff at Egypt's stock exchange market (Photo: AP)

Egypt's main index rose slightly on Tuesday, buoyed by gains in the financial services and real estate sectors.

The benchmark index EGX30 gained 0.4 percent to 9,274 points while the broader indices declined slightly – the EGX70 lost 0.07 percent and the EGX100 declined by 0.08 percent.

Daily stock turnover was relatively high with LE931.7 million ($131.2 million).

Egyptian Financial Group-Hermes Holding Company – the biggest market cap of financial services excluding the banking sector – gained 2.37 percent to close at LE17.71, while in the same sector, Pioneers Holding gained 0.76 percent to LE15.96.

Smaller market caps Egyptians Abroad for Investment & Development and Prime Holding lost 1.22 percent to LE7.31 and 0.51 percent to LE3.93 respectively.

In the real estate sector, TMG Holding gained 0.61 percent to LE9.90 per share. Palm Hills Development Company and Six of October Development & Investment (SODIC) gained 0.7 percent to LE4.33 and 5.58 percent to LE41.23 respectively.

Market bellwether Commercial International Bank (CIB) gained 0.73 percent to close at LE45.23.

The telecom sector ended the day on a mixed note, with the sector's two leading shares diverging: Telecom Egypt gained 0.58 percent to LE13.85 while Global Telecom Holding lost 1.99 percent to LE4.92.

Foreign investors were the only net buyers to the tune of LE56.2 million ($7.9 million) while Egyptian investors and Arabs were net sellers to the tune of LE37 million ($5.2 million) and LE19.2 million ($2.7 million) respectively.

Out of 185 shares traded over the day, 63 gained in value while 103 lost.

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