EGX30 ended the week in green by 0.10 per cent with high turnover

Bassem Abo Alabass, Thursday 23 Jun 2011

Egypt main index, EGX30, saw a flat performance with an up-normal turnover because of ownership cross transactions witnessed by the market

Egyptian Stock Exchange
A view shows the Egyptian Stock Exchange in Cairo (Photo: Reuters)

The EGX30, Egypt's benchmark stock index, climbed slightly by 0.10 per cent to 5,479.6 points at last trade of the week after 3 consecutive days of fall, and, in one of it's highest turnovers in the pre-revolution sessions, reached LE 1.439bn.

"The market gains an up normal turnover backed by ownership's cross transactions among brokerages," comments Omar Darwish, the Equity Sales Trader at CI Capital.

"El-Rowad brokerage, which is owned by Misr-Insurance, carries out almost of transactions," Darwish adds.

Egyptians were highly active in Thursday's session, comprising more than 86 per cent of the market. They were net-buyers of LE 23m of equities as opposed to foreigners who were net-sellers of LE 47.6mn.

The majority of heavyweight shares listed in EGX30 were up, led by TMG holding, which moves up 1.6 per cent, reaching a historical turnover of LE 237.5mn.

Sodic and Palm hills also maintained real estate in the green, elevated by 1.3 and 1.5 per cent respectively.

"TMG's 43 million shares witness a cross transaction of ownership … so it is expected to achieve this limit," Darwish clarifies.

OCI return into the green with a small high of 0.5 per cent.

Ezz steel ups by 0.09 per cent despite the drop of the basic resources sector.

Telecommunications, financial services and banks are the prominent dipped sectors.

Telecom Egypt is the only survivor of this slumping sector and rose by 0.2 per cent.

"The Performance of Telecom Egypt is still flat," says Darwish.

CIB and EFG-Hermes are amid the losers by 0.5 and 1.5 per cent.

From 185 listed shares, 96 gained and 72 declined, with broader indices EGX70 and EGX100 surging by 0.16 per cent and 0.20 per cent respectively.  


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