Egypt stocks make mild gains on Thursday, turnover slumps

Ahram Online, Thursday 18 Apr 2013

EGX30 rises 0.18% in stagnant session, marking a weak turnover of LE272.7 million on Thursday; Orascom Construction Industries gains 0.01%, Commercial International Bank drops by 0.07%

Egypt stocks
(Photo: Reuters)

Egypt’s main index, EGX30, registered a mild 0.18 percent gain to reach 5,268 at the close of this week's trading, in a session marked by a weak turnover of LE272.7 million.

Turnover had surpassed the 300 million mark last week, as the market reacted to pledges of a combined $5 billion of aid to Egypt by Qatar and Libya.

Of the 83 stocks ending in the green, Orascom Construction Industries (OCI) gained 0.01 percent, while Orascom Telecom Holding (OT) rose 0.61 percent.

Real estate stocks Palm Hills Development Company (PHD), TMG Holding, and Six of October Development & Investment (SODIC) gained 2.84 percent, 0.49 percent, and 1.19 percent respectively.

The banking and financial sector fared less well, with blue chip Commercial International Bank (CIB) dropping slightly by 0.07 percent and investment bank Egyptian Financial Group-Hermes (EFG) recording a 1.46 percent loss in Thursday’s session.

Domestic investors were net buyers, seizing a net LE14.4 million worth of shares, while non-Arab foreigners unloaded a net of LE10.1 million.

The broader EGX70 index rose 0.45 percent.

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