Egypt's stocks rally for second day in a row

Ahram Online, Wednesday 19 Nov 2014

EGX30 up 0.45% as non-Arab foreign investors net buyers for LE74.7 million

Egyptian Stock Exchange
Traders work at the Egyptian Stock Exchange in Cairo (Photo: Reuters)

Egypt’s main index was up for the second consecutive session on Wednesday, rising 0.45 percent to close at 9,220 points.

Non-Arab foreign investors, who accounted for nearly 20 percent of market activity, were the main net-buyers to the tune of LE74.7 million, followed by Egyptians who bought a net LE7 million worth of shares. Arab investors were net sellers for LE81.7 million.

Total turnover reached LE664 million.

Orascom Telecom Media and Technology Holding was the most traded share in the main index, with a turnover of close to LE90 million and rising 1.60 percent to close at LE1.27.

EFG-Hermes was the second most traded share, gaining 1.42 percent to LE17.86.

Market bellwether Commercial International Bank (CIB) inched down 0.16 percent to LE49.74.

In the real estate sector, Six of October Development and Investment (SODIC) was up 0.52 percent to LE15.39, Palm Hills Development Company rose 0.47 percent to LE4.26, while TMG Holding slipped 0.49 percent to LE10.19.

Fixed-line operator Telecom Egypt rose 0.28 percent to LE14.33, while Global Telecom Holding fell 0.71 percent to LE4.19.

Steel market leader Ezz Steel was up 1.23 percent to LE16.44.

The broader EGX70 index rose 1.36 percent.

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