Egypt's stocks resume upward trend

Ahram Online, Tuesday 16 Apr 2013

Investment bank EFG Hermes led the rising stocks, gaining 4.71 percent on positive PM announcement regarding QInvest merger deal

Workers at Egypt's stock exchange market are seen in the trading hall in Cairo, Egypt. 13 April, 2011 (Photo: AP)

Egypt's benchmark EGX30 index gained 0.38 percent on Tuesday, to reach 5,295 points amid a solid turnover of LE348.1 million.

The index, which has been climbing since last Thursday following news of fresh financial aid to Egypt from Qatar and Libya totalling $5 billion, had slumped at Monday’s session due to profit taking.

Many of the 30 main index stocks were in the green, led by Egyptian Financial Group-Hermes Holding Company, which jumped 4.71 percent.

Al-Borsa newspaper on Tuesday cited Egypt's prime minister as saying that regulatory approval for EFG's merger with Qatari QInvest would be granted this week.  

Among the 59 companies in the green, Six of October Development & Investment (SODIC) rose 1.83 percent, while Palm Hills Development Company gained 0.47 percent.

Orascom Telecom Holding (OT) gained 2.20 percent, while behemoth Orascom Construction Industries (OCI) dropped slightly by 0.19 percent.

Commercial International Bank (CIB), the country's largest private sector bank, slid by 0.84 percent.

Non-Arab foreigners were net sellers, to the tune of some LE35.6 million, while Egyptian and Arab investors were net buyers at the respective values of LE27.8 million and 7.7 million. 

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