Egyptian stock market registers weak gains Wednesday

Ahram Online, Wednesday 27 Mar 2013

Egypt's bourse rises slightly despite banking sector losses

stock market
Egyptian traders work at the stock market in Cairo (Photo: AP)

Egypt's stock market rose slightly at the end of Wednesday’s session, despite the banking sector suffering significant blows.

Egypt's tax authority announced on Tuesday that shareholders and investment funds that make capital gains from Qatar National Bank's (QNB) bid for Cairo-based National Societe Generale Bank (NSGB) will face a 10 percent tax, a move that hit the banking sector hard.

Egypt's main benchmark EGX30 index rose by 0.67 percent to stand at 5,163 points. The broader-based EGX70 index also rose by a weak 0.10 percent.

Out of 168 traded stocks on Wednesday, 61 shares registered gains while 60 suffered losses. The heavyweight Orascom Construction Industries (OCI) rose by 3.04 percent.

Trade volume remains eerily low at a mere LE297 million on Monday.

Egyptian and Arab investors were net buyers, picking up almost LE23 million and LE2 million worth of shares respectively. Foreign investors, meanwhile, were net sellers, offloading a total of LE25 million in shares.

The banking sector's performance remained very poor, as Commercial International Bank (CIB) and NSGB both tumbled, by 0.71 per cent and a significant 9.53 percent respectively.

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