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Egypt stocks inch up Wednesday signalling possible rebound

The EGX30 was up 0.18 percent after losing over eight percent since last week, with analysts expecting the rebound to continue in coming sessions

Ahram Online, Wednesday 15 Oct 2014
Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo (Photo: AP)
Views: 791
Views: 791

Egypt's main stocks inched up by 0.18 percent Wednesday after seven sessions in the red, signalling a possible rebound as low stock prices start to bolster demand.

The benchmark EGX30 index hit a peak of 8,989 points at the start of trading before declining to end the day at 8,894 points, after losing over eight percent of its value since last Tuesday. 

"Every time we have seen Egypt's index dip sharply this year, it has been followed by a rebound leading to new highs," Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online, adding that he expected Wednesday's session to be the beginning of a rally.

Total turnover of listed stocks recorded a modest LE484 million, as local institutions were net-buyers of LE34.1 million worth of shares, and non-Arab foreign investors were net-sellers at LE14 million.

Global stocks and most Arab bourses have recently dipped, as falling US producer prices data spooked investors.

But Egypt's blue chips bucked the trend, as market bellwether Commercial International Bank rose 0.80 percent to close at LE46.40.

Cairo-based investment bank EFG-Hermes also saw its share price start to recoup recent losses, climbing 0.44 percent to LE16.01.

Egypt's largest steel maker, Ezz Steel, saw its share price continue to rise after a government decision earlier this week to impose new tariffs on imported steel, gaining 3.18 percent to end the session at LE16.87.

In the real estate sector, Palm Hills Development Company topped the main index in terms of turnover, gaining 1.03 percent to trade for LE3.92. Talaat Mustafa Group Holding was also among the most active stocks, rising 0.60 percent to LE10.01. Six of October Development and Investment Company (SODIC) was down, however, by 1.46 percent to LE15.53.

Orascom Telecom Media and Technology Holding rose 1.98 percent to LE1.03, while Global Telecom Holding fell 1.49 percent to LE4.64. Majority state-owned fixed line operator Telecom Egypt rose 0.62 percent to LE12.94.

The broader EGX70 index gained 0.4 percent.

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