Egypt main index inches up on Thursday

Ahram Online , Thursday 14 Apr 2016

Egypt’s stocks rose on Thursday as foreign investors continued to be net-buyers.

The benchmark EGX30 was up 0.57 percent to 7,463 points at market close.

Non-Arab foreign investors were the main net-buyers for EGP 76.45 million, while locals were the main net-sellers to the tune of EGP 68.5 million, bourse data showed.

Market Bellwether Commercial International Bank (CIB) inched up 0.03 percent to EGP 39.74.

Orascom Telecom Media and Technology Holding tumbled 5.26 percent to EGP 0.72 a share after a statement by the regulator that the acquisition of CIB’s investment arm by OTMT subsidiary Beltone Financial would have to wait for a court case initiated by CI Capital and CIB shareholders to be resolved.

Global Telecom Holding slid 0.33 percent to EGP 3.01, while landline operator Telecom Egypt rose 0.48 percent to EGP 8.38.

In the real estate sector, TMG Holding rose 0.81 percent to EGP 6.23, and Palm Hills Development Company gained 1.89 percent to close at EGP 2.70.

Six of October Development & Investment (SODIC) was up 3.11 percent to EGP 10.94 by session’s end.

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