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Egypt's stocks continue ascent on Monday as turnover rises

EGX30 up 1.4 percent and total turnover jumps to LE1.1 billion as foreign investors show appetite for blue chips

Ahram Online , Monday 3 Nov 2014
Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)

Gains in blue chips lifted Egypt's main index on Monday as market turnover climbed to LE1.1 billion.

The EGX30 rose 1.4 percent to close at 9,437 points, its highest level in three weeks.

Non-Arab foreign investors were the biggest net-buyers, for a net LE112.3 million, followed by Arab investors for LE19.1 million, while Egyptians were net-sellers.

Orascom Telecom Media and Technology Holding OTMT was the most traded stock, accounting for 23 percent of the EGX30's turnover, while rising 2.50 percent to close at LE1.23.

The stock has been rising on speculation that the firm will distribute generous dividends as well as positive expectations surrounding the under-performing stock following the appointment of Egyptian telecoms tycoon Naguib Sawiris as CEO last month, an analyst at a Cairo-based investment management firm told Ahram Online anonymously.

News that Emirati company Abraaj Investment Management's LE850 million ($118.88 million) offer for 100 percent of Egyptian cake-maker Bisco Misr also contributed to positive investor sentiment, as it's the largest such offer since Egypt's 30 June 2013 uprising that toppled president Mohamed Morsi, said the analyst.

Market bellwether Commercial International Bank was the second most active share, climbing 2.25 percent to L50.41.
Cairo-based investment bank EFG-Hermes was up 2.49 percent to LE17.71.

The real estate sector was in the green, as Six of October Development and Investment Company (SODIC) rose 3.25 percent to LE16.85.

The company recently completed a LE1 billion ($139 million) capital increase with which it will finance new projects. Palm Hills Development Company rose 3.09 percent to LE4.34.

The EGX70 index was up 0.07 percent.

TMG Holding inched up by 0.19 percent to LE10.69.

Ezz Steel rose 2.12 percent to LE16.85, on a turnover of LE88.4 million.

In the telecom sector, Telecom Egypt was up 2.13 percent to LE13.91.

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