Egypt index up 0.6 pct on Thursday as telecoms, real estate see gains

Ahram Online , Thursday 2 Jun 2016

Egyptian stock exchange
A trader works at the Egyptian stock exchange in Cairo, Egypt, March 8, 2016 (Reuters)

Egypt’s benchmark index rose 0.6 percent to close at 7,618 points on Thursday as telecoms and real estate blue chips saw gains. 

Though market bellwether Commercial International Bank saw its share price inch down 0.21 percent to EGP 43.00, second largest-listed firm Global Telecom Holding jumped 2.66 percent to EGP 3.09.

Majority state-owned landline operator Telecom Egypt stock rose 0.88 percent to close at EGP 9.15.

Property developer TMG Holding inched up 0.51 percent to EGP 5.91, while developer Emaar Misr climbed 2.09 percent to EGP 2.44. Six of October Development and Investment (SODIC) leaped 3.1 percent to EGP 11.31, while Palm Hills remained flat at EGP 2.49.

Domestic investors were net-sellers to the tune of EGP 62.8 million, followed by Arab investors for EGP 22.3 million, while non-Arab foreigners were net-buyers for EGP 85.2 million.

Orascom Construction Ltd saw its share price jump 2.05 percent to EGP 56.30.

Regional investment bank EFG Hermes rose 2.08 percent to EGP 11.76.

Outside the main index, newly-listed Cleopatra Hospital Company saw its share price soar 7.33 percent to EGP 9.66.

*The official exchange rate for $1 = EGP 8.87

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