Egypt stocks surge on Qatar, Libya aid pledges

Ahram Online, Thursday 11 Apr 2013

EGX30 jumps 1.5 percent following fresh financial aid pledges of $3 billion and $2 billion from Qatar, Libya respectively

Egypt stocks soar 1.5% on Qatari
File photo: Workers at Egypt's stock exchange market are seen in the trading hall in Cairo (Photo: AP)

Egypt stocks ended the trading week up on Thursday, bolstered by fresh financial aid pledges from both Qatar and Libya worth a total of $5 billion.

On Wednesday, Qatar announced plans to purchase $3 billion in Egyptian government bonds. Libya, meanwhile, has agreed to provide the Egyptian government with a $2 billion interest-free loan to be paid back over five years.

Egypt's benchmark EGX30 index rose by 1.5 percent on Thursday to alight at 5,231 points, in a session that saw the highest trade volumes – some LE444.3 million – in five weeks.

The broader EGX70 index, meanwhile, rose by 1.4 percent.

Most heavyweight shares registered gains for the day, even though foreign investors were net sellers to the tune of some LE43.4 million.

Orascom Construction Industries, Commercial International Bank and Orascom Telecom all rose on Thursday, by 0.5, 1.5 and 1.3 percent, respectively.

Egyptian private-equity firm Citadel Capital and luxury property developer Palm Hills also recorded gains, rising a whopping 5.8 and 6 percent, respectively.

Talaat Mostafa Group also rose by 4.8 percent, along with SODIC, which gained 1.8 percent.

Egyptian investors ended the trading day as net buyers, picking up a total of LE41.8 million in shares.

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