Egypt stocks up 1% as crude hovers above $31 a barrell

Ahram Online , Wednesday 27 Jan 2016

Egyptian Stock Exchange

Egypt stocks rallied on Wednesday along with regional stocks after oil prices rallied on Tuesday, with local and Arab investors as net-buyers.

The benchmark EGX30 index closed up 1.09 percent at 5,960 points after Brent crude price steadied above $31 a barrel on Wednesday morning, having risen above $32 a barrel on Tuesday.

Market bellwether Commercial International Bank (CIB) rose 0.87 percent to trade at LE31.45 a share.

Property developer and second-largest listed firm TMG Holding saw its share price rise 0.78 percent to LE5.20 a share, while Palm Hills Development Company rose 1.87 percent to LE2.18 a share.

Global Telecom Holding was up 2.25 percent to LE1.82 by session’s end, while Telecom Egypt rose 0.34 percent to LE5.95.

Cairo-based investment bank EFG-Hermes saw its share price jump 3.16 percent to LE7.18.

Emaar Misr, the Egypt arm of UAE developer Emaar, joined the EGX30 index on Wednesday, while Cairo-based financial firm Beltone Financial Holding has exited the index. 

Arab investors were the largest net-buyers to the tune of LE41.7 million, followed by local investors at LE30.7 million, while non-Arab foreigners were net-sellers.

Saudi stocks were up 1 percent at the close of Wednesday’s session.

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