Egypt's market inches up amid modest turnover

Ahram Online , Sunday 22 Nov 2015

Egypt's market continued its slow rebound on Sunday, after losing more than 12 percent in two weeks, but with modest trading value.

Benchmark index, EGX30, gained 0.59 percent to 6,607 points and daily stock turnover registered LE300 million.

Arab investors were net buyers to the tune of LE15.6 million and non-Arab foreign investors were net sellers to the tune of LE9.8 million.

Orascom Telecom for Media and Technology (OTMT) stalled the main index gains with the most decline, falling 2.94 percent to LE0.67 per share with a 17 percent contribution to the total turnover.

OTMT said on Sunday that sanctions on North Korea affect its ability to control its 75-percent-owned subsidiary there.

Owned by Egyptian business tycoon Naguib Sawiris, OTMT said earlier in the day in a statement to the Egyptian bourse that Koryolink has become a "sister instead of subsidiary" to the parent company after its ability to transfer currency or distribute profits was affected.

Market bellwether, Commercial International Bank (CIB), gained 1.24 percent to LE44.52 per share and Egypt Financial Group - Hermes (EFG Hermes) inched up 0.12 percent to LE8.06 per share

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