Market Report: Egypt's stocks rise 3 pct on second stable parliamentary session

Ahram Online, Tuesday 24 Jan 2012

The Egyptian bourse, catapulted by smooth parliamentary proceedings, rose for the third day in a row

Egypt's stocks green rally continues on parliamentary stability

Egyptian stocks saw gains for the third consecutive session on Tuesday with the benchmark EGX30 rising 3 per cent to close out the day at 4,136.19 points.

"It is the second consecutive successful session in the parliament with no effective protests which makes investors feel confidence and stable," said Issa Fathy, head of the equities division at the chamber of commerce.

Fathy added that traders and investors have no worries about tomorrow as they witnessed two safe parliamentary sessions.

The bourse’s broader-based indices also moved upwards on Monday, with the EGX70 and EGX100 rising 3 and 2.6 per cent respectively.

Foreigners were net-buyers for the day at LE60 million, while Egyptian investors ended as net-sellers at LE16 million.

Out of 181 stocks listed on the exchange, 160 gained for the day while 15 recorded losses. Total daily turnover stood at some LE494 million.

Fathy explained that the total is the highest turnover within 6 months depending on vital orascoms' shares Telecom [OT] and Construction Industries [OCI] which gained 7 and 3 per cent respectively.

The new split share Orascom Telecom Media and Technology Holding [OTMTH] reached a significant turnover for the day of LE55 million and rose by 2.1 per cent.

The high-cap share Commercial International Bank rose by 2.2 per cent.

Mobinil rose by 2.7 per cent. "It has an attractive price as it fell to LE82.7 per share compared to LE84.6," noted fathy.

Property development heavyweights TMG, Palm Hills and SODIC also fared well in Monday's trading, increasing by 3, 3.2 and 2.4 per cent respectively.

The construction sector was also bolstered by Ezz Steel, whose stock value increased by 3.2 per cent.

The financial service's share Pioneers holding highly increased by 7 per cent.

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