Egypt market ends losing streak, rises 0.2 percent

Ahram Online, Wednesday 22 May 2013

Egypt's benchmark EGX30 index rose for the first time this week; foreigners net sellers in Wednesday trading

Egypt's benchmark EGX30 index ended its week-long losing streak edging up 0.2 percent Wednesday as investors await the return of same-day trading.

The market ended the session at 5,416 points with turnover standing at LE 225.7 million.

"There has been no news or new capital to move the market today," said Noha Al-Shahed of Cairo Capital Securities. "Investors are waiting for the return of same-day trading which will have a positive effect on the market and any developments with the IMF loan."

Bourse officials said earlier this week that the stock exchange will reinstate the practice of buying and selling single stocks within the same daily trade session by the end of the week.

Among bluechips, Commercial Bank of Egypt (CIB) rose 1.4 percent, Ezz Steel 0.3 percent and real estate developer Talaat Mostafa Group (TMG) 0.2 percent.

Orascom Telecom (OTH) lead losers falling by 0.8 percent at LE4.68 after reports said negoitiations between the Algerian government and its parent company VimpelCom to takeover its Algiers-based Djezzy unit have ended.

Trading on the stock was suspended early in the session before OTH said in a statement that it "isn't part" of the talks.

Eight of the 30 listed stocks ended the session flat.

Foreign investors were net sellers. Arab and domestic investors were net buyers.

The wider index EGX70 rose 0.3 percent.
 

Short link: