Egypt's stocks close the week up on active real estate sector

Ahram Online , Thursday 23 Jun 2016

(File photo: Reuters)

Egypt’s stocks rebounded on Thursday to close-up the trading week backed by the real estate sector, which witnessed most of the trades.

The market’s benchmark EGX30 surged 1.35 percent to register 7,253 points with both Arab and local investors as net buyers.

Out of 159 listed stocks, 92 saw gains and 27 declined in a session that witnessed a weak daily turnover of some EGP 290 million.

All property developers shares went up led by Talaat Moustafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) that were among the most traded shares for the day.

TMG went up 1.31 percent to close at EGP 5.42 per share, PHD rose 1.74 percent to register EGP 2.34 per share and SODIC soared 2.25 percent to be sold at EGP 10.47 per share.

Global Telecom was the most traded share and remained unchanged from the last session at EGP 3.33 per share.

The heavyweight Commercial International Bank (CIB) rose 1.69 percent to close at EGP 41.59 per share.

Egypt’s leading investment bank EFG Hermes gained 2.11 percent to close at EGP 11.15 per share.

Broader index EGX70 inched up 0.51 percent.

*The official exchange rate for $1 = EGP8.78


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