Egypt's main index unaffected by Brotherhood ban verdict

Ahram Online, Tuesday 24 Sep 2013

EGX30 index rises by 0.59 percent on Tuesday, with TMG Holding leading as most active company

Stock market
Traders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)

Egypt's main stock index EGX 30, unaffected by the Muslim Brotherhood ban verdict, rose by 0.59 percent on Tuesday to reach a value of 5680.65 points.

Turnover of EGX30-listed stock reached LE518 million, compared to LE634 million on Monday.

Egyptian and Arab investors were net-buyers at LE12 million, whereas non-Arab foreigners were net-sellers.

Biggest market cap Orascom construction industries rose by 0.51 percent. Global Telecom Holding increased by 0.67 percent, and Commercial International Bank witnessed a 1.08 percent rise.

Two companies achieved a turnover value above LE30 million: Arab Cotton Ginning at LE39 million, and TMG Holding at almost LE52 million.

Arab Cotton Ginning was the most active at the beginning of the week, closing at a turnover of LE55 million on Sunday. This was a result of speculations that the company will be permitted to sell land drives.

TMG Holding's profits in the first half of 2013 were above LE8 million, which is double its profits from the same period of the previous year.

The most active sectors – namely real estate, financial services, telecommunications, and banks – pushed up the main index. Those sectors rose by 24.7 percent, 15.8 percent, 10.6 percent, and 8.28 percent, respectively. The most significant drop was in the personal and household products sector, which fell by 15.52 percent.

The broader index EGX70 fell by 0.27 percent. 

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