Market Update: Egypt stocks in the green as 'Rebel' protests launch

Ahram Online, Sunday 30 Jun 2013

Benchmark index up 0.9% before close of Sunday session as speculators take advantage of market prices decline in anticipation of 'Rebel' protests

Protesters opposing Egyptian President Mohamed Mursi sign the "Tamarod - Rebel!" petition drive against Mursi near a poster that reads "Go out" at Tahrir square in Cairo, June 30, 2013 (Photo: Reuters)

Egypt stocks were trading in the green on Sunday as expected mass protests gripped the nation.

One hour before the session's close, Egypt’s benchmark index of 30 companies was up almost 0.9 percent amid a weak total turnover of LE 85 million and a volume of around LE22 million.

“The weak volumes show that the gains are mainly due to speculators taking advantage of bargain prices” Osama Mourad, an independent analyst and former chief executive of Arab Finance Brokerage, told Ahram Online.

Egypt’s indices took a month-long tumble as investors sold due to fears of nation-wide protests led by the opposition 'Rebel' campaign, which are scheduled to start on Sunday.

“Selling on account of the protests has already taken place” said Mourad, explaining the market rise in spite of expected protests.

Among the gaining shares were blue chip Commercial International Bank, up by some 3 percent, and Orascom Telecom, rising by close to 3.5 percent.

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