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Egypt's bourse ends on highest level since 2011 Revolution

Record highs, with turnover more than LE1 billion for second consecutive day; Egyptian developers top gainers

Ahram Online, Tuesday 14 Jan 2014
Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo (Photo: Reuters)
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Egypt's stock market continued a rising trend and hit record highs Tuesday, the biggest gains since the 2011 revolution, as Egyptians headed to the polls to vote in a constitutional referendum.

Benchmark index EGX 30 rose 1.11 percent to close the day's session at 7196 points, while turnover exceeded LE1 billion for the second consecutive day.

Tuesday is the first day of voting on a recently-amended constitution, touted by the Egyptian authorities as a key step towards future stability and democratic elections. The previous constitution was suspended after the ouster of Islamist president Mohamed Morsi last July.

"Investors are optimistic about the market's potential due to hopes for political stability and because the market is generally on a rising trend," Ashraf Abdel Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Non-Arab foreign investors were net buyers at a net value of LE39 million, whereas most sellers were Egyptians.

Out of 179 traded stocks, 87 were gainers and 78 were decliners.

Orascom Telecom, Media and Technology achieved the highest turnover in EGX 30, LE62 million, rising by 8.05 percent and closing at LE0.94 per share.

Development companies Amer Group Holdings and Egyptians for Investment & Urban Development were two of the top gainers, rising by 6.82 percent and 5.9 percent to close at LE0.94 and LE6.64 per share respectively.

Market bellwether Commercial International Bank (CIB) made a modest rise despite a Fitch rating upgrade on Monday to close at LE33.57 per share.

Ezz Steel and Arabia Development Financial Holding Co were the biggest decliners, inching down 1.19 percent and 2.25 percent to close at LE16.57 and LE1.74 per share respectively.

 

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