Egypt stocks kick off trading week on high note

Ahram Online, Sunday 27 Oct 2013

Saturday aid package announced by UAE to provide an additional $1.9 billion in aid boosts investor confidence at start of trade week

Egypt stocks
raders work at Egypt's Stock Exchange in Cairo (Photo: Reuters)

Egypt's stocks started the week on a high note Sunday, driven by positive news of new aid to be provided by the United Arab Emirates.

The main index EGX30 rose 0.3 percent, recording 6,194 points, after the UAE said on Saturday that it has boosted its aid pledges to Egypt's government to a total of $4.9 billion.

The deal signed on Saturday for an additional $1.9 billion in loans, fuel supplies, and other assistance came during a visit to the UAE by Egyptian interim Prime Minister Hazem El-Beblawi.

Most of the market's bellwethers saw gains. Commercial International Bank, Global Telecom and Palm Hills rose 1.4, 0.8 and 2.6 percent, respectively.

Mubasher researches reported that 58 percent of the listed firms are expected to see net profits in the third quarter of 2013, which also inspired investors.

Property shares Talaat Mustafa Group and Six of October Development and Investment each inched up 0.8 percent.

The broader index EGX70 increased by 0.5 percent in a session that saw a daily turnover of the listed securities worth LE511.7 million.

Short link: