Egypt stocks up on Monday, overlooking Morsi trial

Ahram Online, Monday 4 Nov 2013

EGX30 rises by 0.5 percent despite protests by supporters of former president Mohamed Morsi on opening day of his trial

Egypt stocks
A supporter of Egypt's ousted President Mohamed Morsi raises his hands with four raised fingers, which has become a symbol of the Rabaa al-Adawiya mosque, where Morsi supporters had held a sit-in for weeks that was violently dispersed in August, in front of army soldiers guarding the supreme constitutional court in Cairo, Egypt, Monday, Nov. 4, 2013 (Photo: AP)

Egypt's main index ended Monday in positive territory despite the beginning of ousted president Mohamed Morsi's trail and protests by his supporters. 

The EGX30 rose 0.5 percent to 6,222 points.

Investors were expecting some reaction to Morsi's trial, which explains why the market was not severely influenced, Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Morsi and 14 other senior Islamists and Muslim Brotherhood figures are standing trial on charges of inciting violence and murder at the Ittihadiya presidential palace clashes in December 2012.

Several streets in Egypt are under tight security and 20,000 officers and soldiers are tasked with guarding Morsi's trial.  

Despite of the relatively calm situation, foreign investors preferred to sell by LE13.3 million, while Egyptians ended Monday's trading session as net-buyers by some LE17.6 million.

The broader EGX70 index rose 0.4 percent in a session that saw daily turnover of LE446 million.

Market bellwethers Commercial International Bank and Global Telecom Holding gained 0.4 percent per each.

Real estate developers Talaat Mustafa Group, Palm Hills and Six of October Development and Investment gained 0.7, 0.8 and 1.3 percent respectively.

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