Egypt stocks climb despite Tahrir scuffles

Ahram Online, Tuesday 19 Nov 2013

Main index gains 1.04% amid strong turnover as Egyptian banks upgrade and investors turn blind eye to political tensions

Workers at Egypt's stock exchange market are seen in the trading hall in Cairo, Egypt. April 13, 2011 (Photo: AP)

Egypt’s benchmark EGX30 index rose 1.04 percent to 6,407 points in a session that saw high turnover despite a chance of political violence in the country on Tuesday.

Turnover of listed stocks reached LE634 million as Egyptians acted as net-buyers by LE6.9 million and Arab investors by LE12 million, while non-Arab foreigners were net-sellers by LE19 million.

Rival groups had announced plans to protests on Tuesday, on the second anniversary of bloody clashes in Mohamed Mahmoud Street off Cairo’s iconic Tahrir Square on 19 November 2011.

But investors seemed to pay no heed to the minor clashes which erupted near Tahrir on Tuesday as the majority of EGX30 shares were gainers.

Market bellwether Commercial International Bank (CIB) rose 0.29 percent, and investment bank EFG-Hermes 1.56 percent.

CIB was one of three Egyptian banks, along with the National Bank of Egypt and Banque Misr, to have their long-term counterparty credit ratings raised from CCC+ to B- by rating agency Standard & Poor's on Monday, following its upgrade of Egypt's sovereign credit rating the previous week.

Ezz Steel gained 0.48 percent and Global Telecom Holding 1.25 percent.

Real estate shares also performed well, with Six of October Development & Investment (SODIC) rising 0.82 percent, TMG Holding 2.48 percent, and Palm Hills Development Company 3.6 percent.

The broader EGX70 rose 0.04 percent.


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