Foreigners appetite for active shares push Egypt's market up

Ahram Online, Wednesday 22 Oct 2014

The Egyptian exchange inched up by 2 percent on Wednesday, partially washing out last week's losses

The Egyptian bourse inched up for the third consecutive day with the main EGX30 index gaining 20.7 percent to close at 8,811 points. 

The market started its rebound on Monday, enhanced by international markets, after falling for several sessions during the past weeks.

Arab and Non-Arab foreigners were net-buyers for LE13.9 million and 45.8 worth of shares respectively while local investors were net-sellers.

Turnover for listed stocks was modest, at LE579 million.

Market bellwether Commercial International Bank (CIB) rose 3.71 percent to close at LE46.98.

Other big caps Global Telecom Holding and Telecom Egypt gained 3.11 percent to LE4.31 and 0.72 percent to LE12.36 respectively.

The real estate sector achieved considerable gains as TMG Holding rose 1.43 percent to LE9.9. Palm Hills Development Company gained 1.8 percent to close at LE3.92 and Heliopolis Housing inched up by 4.41 percent to LE51.19.

EFG-Hermes and Amer Group Holding of the financial services sector gained 0.89 percent to LE15.8 and 1.98 percent to LE1.03 respectively 

The broader EGX70 index rose 1.63 percent.

Out of 177 listed stocks, 123 gained in value while 32 declined.

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