Egypt market bounces back on foreign buying

Ahram Online , Monday 15 Dec 2014

Stocks recover slightly after yesterday's sell off

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

Egyptian stocks rebounded on Monday after making huge losses the prior session on global market turmoil.

The benchmark EGX30 index gained 1.34 percent to record 8,832 points, with LE632.5 million in daily stock turnover.

Foreign investors were net buyers to the tune of LE65 million after leading the sell-off over the past few sessions.

Market bellwether Commercial International Bank (CIB), and Egypt’s leading investment bank, EFG-Hermes, were the biggest gainers, rising 2.42 percent to LE48.49 per share and 2.07 to LE16.8 per share respectively.

Leading real estate stock, Talaat Moustafa Group (TMG), gained 1.72 percent to LE10.06 per share, while Palm Hills for Development (PHD) inched down 0.26 percent to LE3.87 per share.

Telecom Egypt inched up 0.16 percent to LE12.61 per share, and Global Telecom Holding increased 0.27 percent to LE3.77 per share.

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