Egypt exchange ends week in green with conclusion of Egypt/GCC forum

Ahram Online, Thursday 5 Dec 2013

Investors optimistic about continuing economic aid from oil-rich Gulf countries

Egyptian stocks continued to climb on Thursday, in accordance with the second and final day of the Egypt/GCC Investment Forum.

The market had been declining for days but then picked up with the beginning of the investment forum in Cairo on Wednesday. Designed to strengthen economic ties between Egypt and oil-rich Gulf nations, the conference has boosted investor optimism under the possibility of new aid and investment deals.

The United Arab Emirates, Saudi Arabia and Kuwait have already pledged over $12 billion in Egyptian aid since the country was racked with turmoil following last summer's ouster of Islamist president Mohamed Morsi. Such aid is widely expected to continue. 

The benchmark EGX30 index rose 0.81 percent to sit at 6,332 points and the broader EGX70 index gained 0.59 percent as total turnover of listed stocks exceeded LE295 million.

Egyptian and Arab investors were net-buyers for the session, while non-Arab foreign investors net-sold LE22.9 million worth of shares.

Egyptian private lender Commercial International Bank (CIB), which witnessed the highest turnover value in the EGX30, rose 2.75 percent.

Other gainers included investment bank EFG-Hermes, up 1.21 percent, real estate giant TMG Holding, up 1.42 percent, and Ezz Steel, up 0.79 percent.

Global Telecom Holding fell 1.72 percent, and property share Palm Hills Development Company fell 0.39 percent, in a session which saw 52 declining shares and 101 gainers out of a total of 177.


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