Egypt's main index hits 6 year high

Ahram Online, Tuesday 2 Sep 2014

The record high comes as the index passes the 9,500 level, achieving a record LE48.5 per share

Egypt Stock Market
Traders work at Egypt’s Stock Exchange in Cairo on December 8, 2013. (Photo:Reuters)

Egypt's main index achieved considerable gains on Tuesday's session to register a six-year record high breaking the 9,500 resistance level.

The EGX30 benchmark index gained 1.82 percent to close at 9,623 points with a high turnover of LE1.1 billion ($154 million).

The market was pushed up by active and leading shares. Market bellwether Commercial International bank of Egypt (CIB) gained 2.21 percent to LE47.7.

"The main index was able to surpass the 9,500 level as the CIB achieved a new record at LE48.5 per share which encouraged investors to buy," said Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online.

Fellow big cap Global Telecom Holding and Telecom Egypt gained 1.87 percent to LE5.44 and 0.77 percent to LE14.36 respectively.

"The market's most liquid stocks also achieved record gains such as Palm Hills and TMG holding,” said Abdel-Aziz.

Real estate shares Palm Hills and Talaat Mustafa were the most active stocks closing at 2.06 to LE4.45 and 2.95 percent to LE10.81 respectively.

Egyptians and foreign investors were net-buyers recording a net flow of LE69.4 million ($9.7 million) and LE10.7 million ($1.5 million respectively) while non-Arab foreign investors were the only net sellers.

Egyptian Financial Group-Hermes Holding Company (EFG-Hermes) gained 3.37 percent to trade at LE18.69.

Out of 175 stocks traded over the day, 100 gained in value while 51 declined.

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