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Turnover of Egyptian stocks hits three-year high

Egyptian stocks rose on the highest turnover since 25 January uprising

Ahram Online, Tuesday 28 Jan 2014
Egypt
Egypt's Stock Exchange in Cairo July 3, 2013 (Photo: Reuters)
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Egypt's stock exchange rose on Tuesday despite the assassination of a high official in the Ministry of Interior earlier in the day.
 
The main index EGX30 gained 1.53 percent to 7,368 points. 
 
Turnover hit a record high since January 2011, reaching LE 1.479 billion ($211 million). 
 
A big transaction worth LE360 million on shares of Talaat Mostafa Group (TMG) helped turnover, according to Ashraf Abdel-Aziz, head of institutional sales at Cairo-based brokerage Arabeya Online. 
 
According to market analysts, investors are supporting recent news of army chief and defense minister Abdel-Fattah El-Sisi running for president.
 
Egypt's largest investment bank said it is lining up stock floats for three firms worth a combined $300 million-plus this year, the first on the Cairo exchange since before the fall of autocrat Hosni Mubarak in 2011.
 
Egyptians and Arabs were net-buyers while foreign investors cashed in on profits.
 
"Foreigners were buyers during the last sessions; it is just normal that they shift for profit taking," says Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce.
 
The real estate sector led the market in terms of turnover, with TMG gaining 1.43 percent to L.E 7.09 and Palm Hills rising by 2.78 to LE2.96.
 
Market blue chip CIB gained 1.33 percent to LE 33.42 while EFG-Hermes gained 3.32 percent to close at LE 11.21.
 
Out of 187 stocks traded during the day, 150 gained in value while 23 declined.
 
The broader index EGX70 increased by 1.08 percent.
 
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