Egyptian stocks inch up as foreign investors buy

Ahram Online, Tuesday 18 Nov 2014

Egypt's market up on Tuesday amid gains from financial, real estate and telecom sectors

Egyptian stock exchange
A trader watches his monitor at the Egyptian stock exchange in Cairo (Photo: Reuters)

Egyptian stocks reversed to gains on Tuesday after several sessions of losses.

The benchmark index EGX30 gained 0.61 percent to record 9,177 points while daily stock turnover increased – compared to recent sessions – to LE646.3 million ($ 90.4 million).

Foreign non-Arab investors were net buyers, recording a net flow of LE98.6 million ($13.8 million) while Egyptian and Arab investors were net sellers.

Commercial International Bank, the market's bellwether, inched up 1.39 percent to LE49.11 per share.

The market was also pushed up by financial services, real estate and telecom sector gains.

Egyptian Financial Group-Hermes Holding Company, Egypt's leading investment bank, gained 1.27 percent to LE17.61.

Prime Holding of the same sector gained 6.63 percent to LE5.47.

In the telecom sector, Global Telecom Holding increased by 0.72 percent to close at LE4.22, while Telecom Egypt increased by 0.21 percent to LE14.29.

Leading real estate company T M G Holding inched up 0.29 percent to LE 10.24. Palm Hills Development Company increased by 0.47 percent to LE4.24.

Out of 168 stocks traded over the day, 133 gained in value while 45 lost.

The broader index EGX70 inched up 1.38 percent.

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