Egypt stocks continue rise despite bad security situation

Ahram Online, Monday 21 Oct 2013

Egyptian stocks sustain gains for second consecutive day after the holidays, unaffected by Sunday church attack

Egypt
Traders work at Egypt's Stock Exchange in Cairo July 3, 2013. (Photo: Reuters)

After hitting a two-year high on Sunday, Egyptian stocks held its upward trend for a second opening day following the six-day closure for the Eid holiday.

The main index EGX30 gained 0.66 percent on Monday. 

The shooting at a Cairo church wedding in the suburb of Al-Warraq late on Sunday, which resulted in the death of four and the injury of dozens, did not seem to affect investor appetite the next day. 

Similarly, the market traded in the green on Sunday despite the explosion of a car bomb outside an army intelligence building in Ismailia, northeast of Cairo.

The broader index EGX70 rose by 0.75 percent.

Turnover recorded a high of LE752.88 million.

Out of 187 stocks traded, 106 saw gains while 53 declined. 

Egyptians ended trading as net-sellers with LE11.6 million, while foreign investors were net-buyers, recording a net flow of LE14.2 million.

The market's bellwether Commercial International Bank gained 1.14 percent. Big cap Global Telecom increased 1.72 percent.

The real estate sector led the market in terms of turnover.

However, it ended the day in the red on profit taking, with Talaat Mustafa Group and Six of October Development & Investment (SODIC) loosing 0.18 and 0.62 percent, respectively.

Palm Hills Development Company gained 2.89 percent.

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