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Egypt stocks up slightly after Sinai deaths

Local bourse rebounds on Monday with EGX30 rising 0.38pct, two days after deaths of three policemen caused Sunday losses

Ahram Online, Monday 5 Nov 2012
Egypt stocks see minor gains on Monday
workers at Egypt's stock exchange market are seen in the trading hall in Cairo (Photo: AP)

Egypt stocks reversed their downward direction on Monday on renewed investor confidence. On Sunday, the market fell by 2 per cent, one day after three policemen were killed by unknown culprits in Egypt's restive Sinai Peninsula.

The benchmark EGX30 index rose by 0.38 per cent for the day to 5,470 points.

News that the government had retreated from its decision to force the nation's retailers to close their doors at 10pm might have contributed to the slight increase.

The broader-based EGX70 index, meanwhile, fell by 0.9 per cent after plunging by 3.4 per cent Sunday.

Total daily turnover also increased compared to Sunday to reach some LE489.5 million.

Out of 173 shares traded on Monday, 39 gained in value and 108 lost.

Blue-chip Orascom Construction Industries led the market in terms of turnover, rising by 1.35 per cent. Orascom Telecom Media and Technology Holding, meanwhile, soared by 1.75 per cent.

The entire building materials and construction sector, along with the telecommunications sector, closed the day on a positive note.

Investment house EFG-Hermes, for its part, declined by 1.24 per cent for the day.

Foreign and Arab investors were net buyers for the day; Egyptian investors ended the day as net sellers.

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