Egypt’s bourse signals rebound at end of week

Ahram Online , Thursday 9 Jul 2015

Egypt
Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)

Egypt’s stocks achieved gains on Thursday after hitting a 15-month low in the previous session.

Benchmark index, EGX30, gained 0.88 percent on Thursday, registering 7,617 points with a daily stock turnover around LE463 million.

Earlier this week, the EGX30 sank to a 15-month low as foreign and local institutions continued to sell while property developer Emaar Misr slid further in the wake of its listing.

Emaar Misr, which listed on Sunday after an initial public offer at LE3.80 per share, slid a further 1.79 percent to LE3.27 per share. Before the IPO, analysts had put fair value at around LE4.70, suggesting there was now panic selling of the stock.

The Greek crisis has also hurt since the euro zone is a top trading partner and source of tourists for Egypt.

Mainly Arab buying at a net worth around LE18 million drove the rise in the main index on Thursday.

Market bellwether, Commercial International Bank (CIB), was up 1.45 percent to LE52.5 per share.

Leading investment bank, EFG-Hermes, was the biggest gainer in the session, rising 2.38 percent to LE12 per share.

Broader index, EGX70, inched up 0.73 percent.

 

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