Egyptian stocks rise amid low turnover

Ahram Online , Monday 21 Sep 2015

EGX30 up 0.7%, buoyed by CIB and other heavyweights two days before Eid holiday

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

Egypt's main index EGX30 was up 0.7 percent on Tuesday to 7,285 points, buoyed by blue chip gains amid low turnover.

Market bellwether Commercial International Bank (CIB), which accounts for a fifth of the EGX30 market cap, was up 1.13 percent to trade at LE52.11 a share.

State-owned landline operator Telecom Egypt, which announced Monday's appointment of Waleed Gad as its new chairman, saw its share price slide 0.14 percent to LE7.03.

Former chairman Mohamed Salem, appointed in May by then telecoms minister Khaled Negm, stepped down last week after a new cabinet headed by prime minister Sherif Ismail took oath before President Abdel-Fattah El-Sisi.

Global Telecom Holding's (GTH) stock price rose 0.52 percent to LE1.94. The company said in a statement that it will move its operational headquarters from Cairo to Amsterdam following an acquisition by VimpleCom of 51.9 percent of its shares in 2011.

"The strategic move is a natural evolution in GTH's development following VimpleCom's acquisition of a 51.9 percent stake in 2011 and the re-organisation plan announced by the company on 4 January 2015," the company said in a statement on Monday, adding that the move would not have an impact on its listing on the Egyptian Stock Exchange.

In the real estate sector, Palm Hills Development Company rose 1.03 percent to trade at LE1.96 a share, Sixth of October Development and Investment (SODIC) also gained 1.77 percent to trade at LE1.77, while TMG Holding was flat at LE6.89 a share.

Egyptian investors were the net-sellers for LE11.6 million, while Arab investors were the main net-buyers for LE8.7 million.

Turnover value for the session, the second to last before the market breaks for Eid Al-Adha on Wednesday, registered a modest LE271 million.

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