Egypt stocks witness whopping rise ahead of Eid holiday

Ahram Online, Thursday 10 Oct 2013

Orascom Construction Industries share swap to Dutch parent company OCI NV helps sustain market upswing as Bourse closes on year-long high

Egypt stocks
General view showing Egypt's benchmark stock in Cairo, Egypt, Tuesday, June 26, 2012 (Photo:AP)

Egypt's Bourse continued to rise on Thursday, ending the week in the green and hitting its highest level in twelve months before shutting its doors for the Eid Al-Adha holiday.

The main benchmark EGX30 rose 2.2 percent, recording 5,931 points. The Thursday session saw the highest turnover in a month, reaching LE615 million due to the dynamic real estate sector.

The completion of the Orascom Construction Industries share swap to Dutch parent company OCI NV has helped sustain the market upswing, said Eissa Fathy, vice president of the Cairo Chamber of Commerce securities division.

In September, Netherlands-based fertiliser and construction company OCI NV extended a tender offer to allow remaining OCI shareholders to convert their shares into OCI NV or elect to receive a cash alternative of LE255 per share.

The company had previously acquired over 97 percent of OCI's shares on the EGX in a tender completed on 28 July.

The broader index EGX70 rose 0.6 percent on Thursday.

Foreign investors were net-buyers with some LE199 million, while domestic investors were net-sellers with LE101.5 million.

"The purchasing power of foreign investors relied mainly on the OCI swap deal," Fathy told Ahram Online.

Properties shares Talaat Mustafa Group (TMG), Palm Hills Development Company, and Six of October Development and Investments gained 4, 0.8 and 1.8 percent, respectively.

TMG shares saw the highest price of the past year, standing at LE5.42

The market's bellwether Commercial International Bank climbed 1.7 percent.

The giant telecom stock Orascom Telecom, which is currently known as Global Telecom, saw gains of 2.2 percent. 

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