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Egypt's bourse record modest gains on Tuesday

EGX30 gains 0.67 per cent on Tuesday, with the banking sector leading the market

Ahram Online, Tuesday 18 Dec 2012
File photo: workers at Egypt's stock exchange market are seen in the trading hall in Cairo (Photo: AP)

Egyptian stocks ended the day in the green, as the political situation remains turbulent with rising uncertainty over the fate of the disputed constitutional draft.

Egypt's main benchmark EGX30 index rose by 0.61 per cent to stand at 5,320 points by the end of the session. The broader-based EGX70 also witnessed a modest 0.10 per cent rise.

Egyptians casted their ballots in a trouble-free first phase, with the second voting phase scheduled for Saturday, 22 December.

Analysts had predicted that in- line with Sunday's significant gains, EGX30 rose by 2.72 per cent, the stock market would be able to recover. However, the market is oscillating.

"I would not expect Egypt's market to be able to replicate this year's performance in 2013 because it started from a very low base, but volatility will always attract traders and volumes may improve rather than the index," Mohammed Yasin, managing director of NBAD Securities in Abu Dhabi, told Reuters.

At the end of Tuesday's session, 75 out of 165 traded stocks registered gains, while 62 suffered losses. Orascom Construction Industries (OCI), Egypt's largest publicly traded company, surprisingly saw a decline of 0.12 per cent.

Market volume reached LE450 million ($73 million), slightly higher than Monday's rate, while still far away from reaching pre-revolutionary turnover rates.

Arab investors once again saved the day since they were the only net buyers. They picked up almost LE52 million ($8 million), as they lifted the index. Meanwhile, both Egyptians and foreign investors were net sellers for the day, offloading a total of LE20 million ($3 million) and LE32 million ($5 million) respectively.

"Arab Investors are motivated to buy leading stocks especially in real estate sectors. I expect this trend to continue until the end of the week," capital markets expert Mostafa Badra told Ahram Online.

The real estate sector's performance was quite remarkable. It led the market in terms of turnover, recording almost LE135 million ($22 million), with market giant Palm Hills, the biggest gainer in today's session, rising by 4.31 per cent.

The banking sector also registered gains by almost 0.61 per cent, with blue-chip stocks Commercial International Bank (CIB) and National Society General Bank (NSGB) both rising by 0.32 and 0.26 per cent respectively.

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