Egypt stocks continue rise Wednesday amid bombing aftermath

Ahram Online, Wednesday 25 Dec 2013

EGX30 gained 1.4 percent despite a large-scale attack on a government building on Tuesday; Arab investors net-buyers in sturdy trading

Traders work at the Egyptian stock exchange
Traders work at the Egyptian stock exchange (Photo: Reuters)

Egypt’s main EGX30 index continued to rise Wednesday, gaining 1.4 percent to reach 6,870 points, in the aftermath of the bombing of a government building in the Daqahliya province Tuesday.

Turnover of listed stocks approached a relatively high LE490 million, as Arab investors net-bought LE38.6 million worth of shares, followed by non-Arab foreigners with LE4.9 million, while Egyptians net-sold for LE33.7 million.

The market had started the previous session in the red, in reaction to a massive blast that hit the Security Directorate in the Nile Delta city of Mansoura Tuesday morning, but quickly rebounded to end the session with a 0.74 percent rise.

"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 Tuesday.

The majority of stocks in the EGX30 were in the green Wednesday, as the broader EGX70 also recorded a 0.8 percent rise.

Bluechip Commercial International Bank rose 0.79 percent to register LE33.14 per share, while investment bank EFG-Hermes climbed 1.87 percent to close at LE2.72.

In the real estate sector, Six of October Development and Investment (SODIC) gained 0.57 percent to reach LE23.02, TMG Holding climbed 1.61 percent to close at LE6.31, and Palm Hills Development rose 1.87 percent to close at LE2.72.

Global Telecom Holding rose 0.42 percent to LE4.82 per share and automaker GB Auto leaped 2.53 percent to close at LE36.05 per share.


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