Egypt's stock market resumes upward trend on heavyweight gains

Ahram Online , Sunday 6 Mar 2016

Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo, in this February 2, 2014 (Reuters)

Egypt's stocks resumed rise on Sunday amid weak trading after last week's losses.

Benchmark index, EGX30, climbed 2.06 percent to 6,214 points with the stock turnover in the session at EGP 330 million ($42.2 million).

Last week, the main index lost 1.09 percent of its value to end the week closing at 6,089 points.

Egyptian investors were net buyers on Sunday to the tune of EGP 8.15 million ($1.4 million) while foreign investors, Arabs, and others, were net sellers.

Real estate developers, Heliopolis Housing and Six of October for Development and Investment Company (SODIC) gained 3.44 percent to EGP 41 ($5.24) per share and 2.97 percent to EGP 6.86 ($0.88) per share respectively.

SODIC and Heliopolis Housing will jointly develop a residential and commercial complex on 655 feddans in new Heliopolis in East Cairo, the companies said in a statement to the bourse on Sunday.

Orascom Telecom Media and Technology (OTMT) Holding surged 5.26 percent to EGP 0.61 ($0.077) per share.

In a statement to the bourse on Sunday, OTMT said it has allocated the necessary funds to its subsidiary Belton Financial through debit current account with a maximum of EGP 924 million ($118 million) to finance the acquisition of CI Capital, the investment banking arm of Egypt's leading listed bank Commercial International Bank (CIB).

In another statement, Belton Financial, said it plans to pay for the acquisition in cash through either its financial flows or a capital raise.

Blue chip CIB, gained 2.41 percent to EGP 33.97 ($4.34) per share.

Orascom Construction Limited closed up 1.23 percent to EGP 50.4 ($6.44) per share.

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