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Tuesday, 03 August 2021

Egypt's stocks revert to gains

Egyptian bourse main index inches up as foreigners buy

Ahram Online, Tuesday 19 Aug 2014
Egypt Stock Market

Egyptian shares inched by the end of Tuesday's session after starting the day in the red.

The benchmark index EGX30 gained 0.85 percent to record 9,395 points, making up for part of yesterday's losses.

Analysts said losses on Monday were due to a profit taking as non-Arab Foreign investors were net sellers for the first time in the past few months.

They reverted to net buyers on Tuesday to the tune of LE41.7 million ($5.87 million) billion while both Egyptians and Arab investors were net sellers. 

Daily stock turnover registered LE 840.3 million ($118.3 million).

Market bellwether Commercial International Bank (CIB) gained 0.61 percent to LE46.39 per share while other big cap Global Telecom Holding gained 0.39 percent to LE5.13 and Telecom Egypt gained 0.15 percent to 13.7.

The market was given a push by the real estate sector. 

The leading share of the real estate sector TMG Holding gained 3.8 percent to LE10.11, while Six of October Development & Investment (SODIC) and Heliopolis Housing  gained 4.73 percent to LE45.57 and 4.16 percent to LE65.54 respectively.

Financial services ended the day on a mixed note with Pioneers Holding gaining 1.06 percent to LE15.29 and Amer Group Holding losing 0.73 percent to LE1.36.

Out of 177 stocks listed over the day, 94 gained in value while 63 declined.

The broader index EGX70 gained 1.47 percent.

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