Egypt stocks hit 4-week high on cabinet reshuffle

Ahram online, Wednesday 8 May 2013

Replacement of nine government ministers on Tuesday sends EGX30 up to highest levels in four weeks

Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo (Photo: AP)

Egyptian stocks maintained their upward trajectory for the third consecutive day of trading on Wednesday, one day after a cabinet reshuffle that saw the replacement of nine government ministers.

Wednesday saw the market hit a four-week high, with the main EGX30 index rising by 0.5 percent for the day to reach 5,403 points.

Out of 164 listed shares, 99 ended the session up while daily turnover stood at LE645.4 million.

The broader EGX70 index, meanwhile, rose by 0.3 percent in a session that witnessed net-buying by foreign investors to the tune of LE33.7 million. Domestic investors remained net-sellers at some LE27.7 million.

Heavyweight shares helped bolster market performance, led by Commercial International Bank and Orascom Telecom, which rose by 2.3 and 0.4 percent respectively.

The largest company in terms of capital, Orascom Construction Industries, meanwhile, shed 0.8 percent.

Real estate developers Talaat Mostafa Group, Palm Hills and SODIC all registered gains for the day, rising by 0.5, 1.3 and 0.3 percent, respectively.

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