Egypt's stocks hit three-year record high

Ahram Online, Thursday 30 Jan 2014

Turnover surpasses LE1 billion thanks to SCAF statement allowing Abdel-Fattah El-Sisi to run for president

Traders work at Egypt's Stock Exchange in Cairo July 3, 2013 (Photo: Reuters)

Egypt’s benchmark index on Thursday reached its highest level since May 2010, thanks to a statement from the military authorising army chief Abdel-Fattah El-Sisi to run for president.

EGX 30 rose 0.42 percent to record 7,405 points.

The statement on Monday from the Supreme Council of the Armed Forces (SCAF), in which El-Sisi was given the green light to resign from his post as field marshal and run as a civilian in upcoming presidential elections, renewed hope for future stability, despite a week of violence and bomb blasts, said Isaa Fathy, vice president of the securities division at Cairo's Chamber of Commerce.

Turnover of listed stock exceeded the LE1 billion ($140 million) mark for the second time this week.

Egyptian investors were net buyers at a net value of LE55 million ($7.9 million).

Out of 188 traded stocks, 129 were gainers.

In the top 30 listed companies, Palm Hills managed to achieve the highest turnover value, recording LE102.5 million ($14.7 million). The company saw its share rise by 2.64 percent to close at a price of LE3.11 ($0.4) per share.

Other gainers include SODIC and Eastern Tobacco, increasing by 3.29 percent and 2.18 percent and closing at LE22.92 ($3.29) and LE127.88 ($18.36) per share respectively.

Orascom Telecom Media and Technology Holding and Global Telecom Holding saw their share prices decline by 0.85 percent and 1.15 percent, closing at LE1.16 ($0.16) and LE5.18 ($0.74) per share respectively.

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