Egypt stocks continue to rally on Wednesday

Ahram Online , Wednesday 17 Feb 2016

Egypt's stocks (Reuters)

Egypt stocks continued rising on Wednesday with the benchmark index EGX30 up 0.9 percent, closing at 5,947 points, buoyed by Arab investors.

On Tuesday, the main index saw a gain of 1.63 percent, which was in line with regional bourses as four of the world’s largest oil producers agreed to limit output in Doha.

Arab investors were net-buyers for EGP 44.8 million, followed by Egyptians for around EGP 793,000, according to bourse data, while foreigners were net-sellers.

Market bellwether Commercial International Bank (CIB) was up 1.46 percent to close at EGP 32.68 per share.

The bank, Egypt’s largest private lender, has agreed to sell its investment banking arm CI Capital to Orascom Telecom Media and Technology Holding (OTMT) for EGP 924 million. OTMT’s stock was the most traded in the index, closing at EGP 0.57 per share.

Global Telecom Holding, of which OTMT is a spin-off, saw its share price rise 1.06 percent to EGP 1.90 on Wednesday.

In the real estate sector, Palm Hills Development (PHD) rose 2.22 percent to EGP 2.30 per share.

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