Egypt stocks continue rising despite Sinai violence

Ahram Online, Wednesday 11 Sep 2013

Egypt's stocks showed a slight rise for the fourth trading day running, Wednesday

Egypt stocks continued their upward trend for the fourth consecutive trading day, with the main EGX30 index recording modest gains of 0.7 percent Wednesday, reaching 5,447 points.

The country’s benchmark inched up despite recurrent violence in Sinai. Six soldiers were killed Wednesday morning in a double suicide car bomb attack at a military intelligence headquarters and a nearby military checkpoint in the North Sinai town of Rafah.

The broader EGX70 index rose by 0.6 percent in a session that registered significant daily turnover of listed securities worth LE527.5 million.

Foreign investors remain net seller at LE10.5 million, while Egyptians bought shares worth some LE8.7 million Wednesday.

Market heavyweight share Commercial International Bank shed 0.05 percent, while the other bellwether, Orascom Telecom, increased 1.3 percent.

Real estate developers Palm Hills Development and Six of October Development and Investment Company rose by 0.4 and 0.04 percent respectively. Talaat Mostafa Group declined 0.8 percent.

Short link: