Egyptian stock market rises slightly after two days' fall

Ahram Online, Tuesday 12 Nov 2013

Egyptian shares gained 0.18 percent following a wave of profit-taking

Egyptian stocks
File photo: A view shows the Egyptian Stock Exchange in Cairo (Photo: Reuters)

Egypt's stocks reversed their downward trend on Tuesday, with the benchmark EGX30 index gaining 0.18 percent to record 6,335.05 points.

Profit-taking has driven the index down during the last two sessions after it reached a three-year high last week.

Ezz Steel gained 5 percent after Al-Ezz Dekheila Steel (EZDK) in which it retains a 55 percent direct stake announced high profits on Monday.

Al-Ezz Dekheila Steel's net profits after tax registered a 59 percent increase in the first nine months of the year, reaching LE967 million ($130 million), compared with LE570 million ($81 million) last year.

However, Al-Ezz Dekheila shares lost 0.6 percent.

"Trading on the company's shares was very limited at only 300. It reflects nothing," Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online told Ahram Online.

He added that Ezz Steel's gains are a result of the high profits of EZDK. On Tuesday Ezz Steel's shares went over LE13 for the first time in days.

Big market cap Commercial International Bank (Egypt) lost 0.33 percent in the session, while Telecom Egypt lost 0.36 percent.

TMG Holding and Six of October Development & Investment (SODIC), both real estate companies, gained 0.36 and 1.68 percent respectively

Arab and domestic investors closed as net buyers while foreigners closed as net-sellers, recording a net flow of LE29 million.

Turnover of listed stocks was slightly lower than in recent days, at LE488.2 million (approx. $70 million).

Out of 181 listed stocks, 70 gained in value while 86 declined.

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