Egypt stocks gain slightly amid ongoing investor fears

Ahram Online, Sunday 8 Sep 2013

National insecurity is continuing to weigh down the market in terms of investment and shares trading

Workers at Egypt's stock exchange market are seen in the trading hall in Cairo. (Photo: AP)

Egypt’s stocks registered mild gains Sunday as market’s bellwethers faired well. However, trading volume remained weak due to a poor appetite on the part of investors.

The main EGX30 index rose slightly at 0.3 percent, recording 5,185 points, in a session that saw Arab and foreign investors net sellers with LE317,400 and LE194,900 respectively.

“Investors still seek certainty, seeing almost every day security thwart terrorist attacks nationwide,” said Mostafa Badra, a Cairo-based market’s expert.

On Saturday, an Egyptian security official said bomb disposal experts defused three mortar rounds placed on railway tracks near the Suez Canal, two days after a failed assassination against the country's interior minister.

Badra added that listed companies are afraid of pumping funds into the Egyptian market, leaving trading volume feeble and daily turnover modest.

The daily turnover of listed securities was valued at LE190 million.

The broader EGX70 index inched up 0.5 percent. Egyptians were the only net buyers, with LE512,400.

Market blue chips Commercial International Bank, Orascom Telecom and real estate developer Talaat Mostafa Group climbed 0.5 percent, 0.5 percent and 0.8 percent respectively.

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