Egypt stocks end Monday's session in the green after up and down performance

Ahram Online, Monday 27 Jan 2014

EGX30 falls on foreign investors' profit-taking and rises to close at 7,257 points while broader EGX70 ends with 0.58% gain

File photo, Egyptian traders work on the floor of the stock market in Cairo, Egypt, Saturday, March 10, 2013 (Photo: AP)

Egypt's indices continued moving up and down on Monday, as the EGX30 fell then rose to conclude the session with a 0.55 percent rise to 7,257 points.

The broader EGX70 also ended the session with a rise of 0.58 percent after a mixed performance.

The session began with a drop in the EGX30 of 0.5 percent to 7,186 points, as Arab and foreign investors reacted to falling Gulf markets. The EGX30 closed up at 7,257 points.

Dubai's index shed 0.69 percent on Monday, Kuwait's market dropped 0.05 percent, while Saudi Arabia's and Abu Dhabi’s lost 0.92 percent each.

"Foreign investors were looking to cash in somewhere to compensate for their losses in the Gulf," Ashraf Abdel Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Egyptians were the net-buyers of the session, seizing a net LE37.2 million worth of securities, while Arab and other foreign investors cashed in on profits.

Daily turnover reached LE695.7 million.

Orascom Telecom Media and Technology Holding rose 0.86 to trade at LE1.17 per share, with a turnover of LE94.5 million.

Global Telecom Holding gained 1.36 percent to reach LE5.22 with a turnover of LE74.7 million.

In real estate, Palm Hills Development Company climbed 1.77 percent to LE2.88 per share with a turnover of LE33.9 million.

TMG Holding rose 0.14 percent to LE 6.99 a share. Six of October Development & Investment (SODIC) fell 0.54 percent to LE22.25 a share.

Market bellwether Commercial International Bank (CIB), which recorded a lower turnover of LE26.5 million, nonetheless rose 0.37 percent to LE32.98 per share.

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