Egypt stocks inch up as rally loses steam

Ahram Online, Thursday 20 Nov 2014

Benchmark EGX30 index rises 0.41% in third consecutive day of gains but turnover drops to LE537 million

Egyptian stock market
File photo, an Egyptian broker gestures during a session at the Egyptian stock market in Cairo, Egypt (Photo: AP)

Egypt stocks continued to rally on Thursday while turnover value of listed stocks weakened.

Benchmark EGX30 index climbed 0.41 percent to close at 9,258 points.

Local investors were net-buyers for LE2.3 million and Arab investors for LE2.6 million while other foreign investors were net-sellers to the tune of LE4.9 million as total turnover of listed stocks recorded a weak LE536.7 million.

Egyptian investors accounted for 85 percent of market activity.

Orascom Telecom Media and Technology Holding topped the main index in turnover, with a value of LE119.6 million, while climbing 2.36 percent to LE2.36.

Property developer TMG Holding achieved the third highest turnover in the index while rising 0.98 percent to LE10.29. Palm Hills Development Company rose 1.88 percent to LE4.34.

Market bellwether Commercial International Bank (Egypt) fell 0.20 percent to LE49.64.

Global Telecom Holding was up 0.24 percent to LE4.20, while fixed-line operator Telecom Egypt rose 0.49 percent to LE14.40.

Cairo-based investment bank EFG-Hermes rose 0.45 percent to LE17.94.

The broader EGX70 index inched up 0.13 percent.

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