Egypt stocks reach 4-week high as regional markets rebound

Ahram Online , Thursday 4 Dec 2014

EGX30 up 1.65% on Thursday to 9,458 as price of oil edges up and Gulf markets gain

Workers at Egypt
File photo: Workers at Egypt's stock exchange market are seen in the trading hall in Cairo (Photo: Reuters)

Egypt's main index continued to rise on Thursday, as some Gulf markets witnessed a rebound as oil prices rose on US stockpile data.

The benchmark EGX30 gained 1.65 percent to close at 9,458 points, its highest level in close to a month.

The price of Brent crude rose 0.3 percent to $70.10 a barrel on Thursday morning as a fall in US crude stockpiles supported prices.   

Most Gulf financial markets gained on the back of the oil data.

Saudi stocks were up 1.77 percent, Abu Dhabi Securities Exchange inched up 0.77 percent, while Qatar was up 1.08 percent.

Foreign investors, both Arab and others, accounted for 20 percent of market activity, driving total turnover up to record a strong LE901 million for the session.

Local institutions were the only net-buyers, at LE6.8 million worth of shares.

Orascom Media and Technology Holding was the most traded share in the main index, with a turnover of LE125.8 million, while rising 2.94 percent to trade at LE1.4.

The real estate sector was the most active. Property developer TMG Holding was the second most traded share, gaining 2.94 percent to trade at LE10.50, followed by Amer Group Holding, which rose 2.99 percent to LE1.38.

Heliopolis Housing climbed 5.63 percent to LE57.24, Palm Hills Development Company 2.09 percent to LE4.40, and Six of October Development and Investment (SODIC) 2.59 percent to LE15.83.

Market bellwether Commercial International Bank (CIB) rose 1.31 percent to LE50.88.

Cairo-based investment bank EFG-Hermes gained 1.12 percent to LE18.88.

The broader EGX70 index was up one percent. 

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