Egypt's stocks slightly up, pushed by financial services and real estate

Ahram Online, Tuesday 11 Nov 2014

Egyptian shares inch up on local and Arab purchasing, as financial services and the real estate lead the market

Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)
Egypt's market inched up for the second consecutive day, backed by gains in the real estate and financial services sectors.
The benchmark index EGX30 gained 0.35 percent to register 9,493 points with a daily turnover of LE760.6 million ($107 million).
Egyptian investors, who accounted for almost 90 percent of market activity, were net sellers, recording a net flow of LE50.8 million ($7.1 million). Arab investors were also net buyers for LE6.2 million, while non-Arab foreigner investors were the only net sellers.
The real estate sector led the market in terms of turnover, with several stocks trading in the green. TMG Holding, the sector's largest market cap, gained 0.67 percent to LE10.54.
Palm Hills Development Company was up 2.29 percent to close at LE4.47 and Medinet Nasr Housing gained 2.97 percent to record LE44.32 per share.
However, Six of October Development and Investment (SODIC) lost 0.25 percent of its value, dropping to LE16.02 a share despite reporting a 37 percent rise in net profits in the last nine months.
In financial services, EFG-Hermes gained 1.78 percent to reach LE17.73. The company reported a 24 percent rise in its third-quarter profits.
In the same sector, Prime Holding gained 5.37 percent to LE5.30.
Market bellwether Commercial International Bank gained 0.06 percent to LE50.88.
Industrial heavyweight Ezz Steel gained 2.03 percent to close at LE16.94.
Out of 183 stocks traded over the day, 70 gained in value while 88 declined.
The broader index EGX70 lost 0.38 percent.
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