Egypt's main index slightly up amid high turnover

Ahram Online, Wednesday 13 Aug 2014

Strong trading continued to buoy the market Wednesday, with the benchmark EGX20 reaching 9,288 points

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

Egypt's market continues its positive performance while investors focus on shares with high liquidity, analysts report.

The benchmark EGX30 index inched up 0.15 percent to record 9,288 points Wednesday, while daily stock turnover registered LE889.4 million ($124.6 million).

"Investors are targeting stocks with high liquidity, raising the market's daily stock turnover," Ashraf Abdel Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Non-Arab foreign investors were net buyers in the tune of LE83 million ($11.6 million) while both Arab and Egyptian investors were net sellers.

Real estate giant Palm Hills Development (PHD) and market bellwether Commercial International Bank (CIB) achieved the highest turnover level at LE131.7 million ($18.4 million) and LE58.2 million ($8.15 million) respectively.

PHD was the biggest gainer in the main index, rising 3.23 percent to LE4.44 ($0.62) per share.

CIB gained 0.13 percent to reach LE45.46 ($6.37) per share.

The real estate sector also saw Six of October for Development and Investments Company (SODIC) climb 2.86 percent to LE42.47 ($5.95) per share while Talaat Mustafa Group (TMG) Holding inched down 0.1 percent to LE9.75 ($1.37) per share.

TMG recorded net losses in the tune of LE339.9 million ($47.6 million) in the first half of 2014, as compared to net profits of LE7.8 million ($1.09 million) in the same period the prior year, reported financial news website Mubasher.

Egypt's leading investment bank, EFG-Hermes, climbed 0.85 percent to LE17.74 ($2.48) per share.

In telecommunications, Global Telecom Holding (GTH) inched up 0.2 percent to LE4.94 ($0.69) per share.

State-run Telecom Egypt (TE) inched down 0.87 percent to LE13.7 ($1.92) per share.

The broader EGX70 index inched up 0.17 percent.

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