Egypt's stocks close up the trading week following an initial IMF deal

Ahram Online , Thursday 11 Aug 2016

Egypt's Stock Exchange in Cairo (Photo: Reuters)

Egypt’s stocks closed the trading week on Thursday on a positive note, following the announcement of a tentative financing agreement between the government and the International Monetary Fund.

An IMF mission to Egypt this week discussed a support package for the country's economic reforms via a three-year extended fund facility programme worth about $12 billion.

The deal is expected to be approved by the fund’s executive board in the coming weeks.

The market’s benchmark EGX30 index rose 1.04 percent to register 8,377 points although foreign investors were net sellers to the tune of EGP 57.2 million.

Out of 169 stocks listed for the day, 60 went up and 80 slipped in a session that witnessed a daily turnover of some EGP 861 million.

Mostly of the heavyweight shares closed up, led by the Commercial International Bank (CIB) which soared 2.69 percent to EGP 50.82 per share.

The real estate developer Talaat Moustafa Group (TMG) gained 2.40 percent to register EGP 5.97 per share.

Telecom Egypt also climbed 0.21 percent to record EGP 9.55 per share.

The broader index EGX70 inched up 0.34 percent.

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