Egypt's main index starts November in green

Waad Ahmed, Reuters, Sunday 2 Nov 2014

Rally continues on Sunday, buoyed by telecom, construction and real estate shares

Egypt's stocks continued to rally for the fourth consecutive session on Sunday after last month's downward trend.

The benchmark index EGX30 increased 2.1 percent to 9,306 points and daily stock turnover registered LE664.9 million.

But the index remains well below the six-year record high of 9,811 points it reached on 30 September.

Egyptian investors were net sellers on Sunday to the tune of LE37.8 million, while net purchases were almost equal among non-Arab and Arab foreign investors.

The index's largest stock, Commercial International Bank, gained 2.11 percent to LE49.4 per share.

In a sign of growing foreign investment opportunities in Egypt, United Arab Emirates-based Abraaj Investment Managment acquired Bisco Misr.

Shareholders owning 56 percent of the Egyptian snack maker have agreed to sell their shares to Abraaj, Bisco Misr said, without revealing the financial details of the offer.

Bisco Misr shares are extremely illiquid and fell 10 percent in tiny volume.

In the construction sector, ElSWEDY electric climbed 4.78 percent to LE47.6 per share and Talaat Moustafa Group (TMG) holding was up 1.52 percent to LE10.54 per share.

The telecom sector's top shares Global Telecom Holding (GTH) and Telecom Egypt (TE) increased by 2.3 percent to LE4.46 per share and 0.15 percent to LE13.7 per share, respectively.

In real estate, Palm Hills for Development (PHD) company rose 4.21 percent to LE4.32 per share and Six of October for Development and Investment Company (SODIC) inched up 1.43 percent LE16.35 per share.

Financial services company Pioneers holding, which announced plans to acquire a governing stake in two textile companies, saw its share gain 1.52 percent to LE12.51 per share.

The broader index EGX70 increased 1.31 percent.

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