Egypt's stocks rebound and rise despite Mansoura blast

Ahram Online, Tuesday 24 Dec 2013

Egypt's main index rises by 0.74 percent, evidencing the market's immunity to expected turmoil until 'a president is elected'

Although Egypt's Bourse started Tuesday's session in the red due to a deadly blast in the Nile Delta city of Mansoura earlier in the day, benchmark index EGX 30 rebounded and showed a net 0.74 percent rise, registering 6775 points.
 
"As the market is mainly influenced by expectations, it was not severely impacted by the bombing, since terrorist attacks are expected until a president is elected," Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce told Ahram Online earlier on Tuesday.
 
The turnover of listed stock was LE416 million.
 
Out of 180 traded stocks, 68 were gainers while 82 were decliners.
 
Most buyers were non-Arab foreign investors purchasing a value of LE53.6 million; Arab investors were buyers of around LE2 million, while Egyptian investors were net sellers.
 
The blast killed 13 and injured 134 in what appears to be the worst terrorist attack on a government site since the July ouster of Islamist president Mohamed Morsi.
 
The explosion ripped through the Mansoura Security Directorate's side façade, damaging a number of police vehicles and parts of adjacent buildings, including the City Council, a state-owned theatre and a bank.
 
Ezz Steel inched up 0.53 percent to close at LE15.29 per share, while Commercial International Bank (CIB) inched up 0.7 percent closing at LE32.88 per share.
Orascom Development Holding inched down 0.76 percent to close at LE6.52 per share.
 
The broader index EGX 70 managed to rise by 2.05 percent despite starting the session in the red.
 
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