Egypt stocks gain 0.65 percent on calmer streets

Ahram Online, Thursday 22 Aug 2013

With a relatively calmer week on Egyptian streets after top members of Egypt's Brotherhood arrested, the market closes with 118 stocks in the green

Egypt stocks gain 0.65
File photo, an Egyptian broker gestures during a session at the Egyptian stock market in Cairo, Egypt (Photo: AP)

Egypt's stocks carried its upward trend on Thursday, with the main EGX30 index gaining 0.65 percent to sit at 5,425 points.

Driven by a relative calm on Egyptian streets, 118 stocks closed trading in the green while 19 dropped. Total turnover marked LE308 million ($44 million).

EGX30 losses since the beginning of 2013 have shrunk to 0.7 percent.

The Muslim Brotherhood has not carried out any major protest all week in Cairo as security forces arrested hundreds of its members, including its highest authority, Mohamed Badie.

At least 900 died in violent clashes over the past week after security forces moved to clear two protest sites where Muslim Brotherhood were holding camp in Cairo. The stock market shed over 200 point in the days that followed the crackdown, but began a slow recovery on Monday.

Landline monopoly Telecom Egypt was the day's most active share seeing LE52 million in turnover, gaining 0.23 percent to close at LE12.82 per share.

Commercial International Bank, Palm Hills Development and Orascom Telecom Holding all gained 0.28, 1.26 and 0.69 percent, respectively.

Talaat Mostafa Group, Egypt's largest listed real estate developer gained 1.42 percent to close at LE5.01 per share.

Egyptian and Arab investors drove the market's growth on Thursday closing on a net-buying position of LE85 million, making up 70 and 9 per cent of trading, respectively.

Non-Arab investors contributed 21 percent of total trade and were net sellers.

The broader based EGX70 index gained 1.35 percent to reach 447 points.

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