Traders work at the Egyptian stock exchange in Cairo, in this February 2, 2014 file photo (Reuters)
Egypt’s benchmark rose in the new year’s first trading session on Sunday as EGX30 rose 1.2 percent to register 7,089 points.
Out of 159 listed securities, 22 shares declined while 90 stocks gained led by the banking and real estate sectors.
The market’s heaviest weight share Commercial International Bank (CIB) rose 2.4 percent to close at LE39.03 per share.
CIB announced on Sunday the acquisition of its investment bank subsidiary CI Capital Holding on the bank’s stake in Corplease company at a value of LE133 million.
Real estate listed developer Talaat Moustafa Group rose 1.2 percent to be sold at LE6.55 per share.
Telecommunication shares led by Global Telecom Holding (GT) and Telecom Egypt (TE) slipped 0.96 percent and 0.16 percent to close at LE2.06 and 6.41 per share respectively.
Sidi Kerir petrochemical also increased 1.3 percent to register a price of LE11.49 per share. Reuters reported that the surge comes as some investors may see opportunities in non-Saudi petrochemical producers after Saudi firms were hit by the subsidy reforms, eroding some of their cost advantage.
Broader index EGX70 upped 1.3 percent in a session that saw a modest daily turnover reaching around LE338 million.
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