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Egypt stocks up on CIB results, blue chip gains

Egypt's EGX30 index rises 0.97 pct as market bellwether Commercial International Bank posts profit rise in 2013

Ahram Online, Wednesday 12 Feb 2014
Egyptian stock exchange
A general view of the Egyptian stock exchange in Cairo August 18, 2013. (Photo: Reuters)
Views: 961
Views: 961

Egypt’s benchmark EGX30 index rose 0.97 percent Wednesday to record 7,571 points, thanks to investor appetite for market bellwether Commercial International Bank and other blue chips.

Egyptian investors were net-sellers at LE4.3 million while Arab investors were net-sellers at LE0.2 million.

Non-Arab foreign investors were net-buyers with LE4.4 million worth of shares.

Daily turnover was high, reaching LE914.4 million.

Commercial International Bank (CIB), which announced Wednesday a 29 percent rise in net profit for the fourth quarter of 2013, witnessed the highest turnover in the EGX30, to the value of LE126.6 million, as its share price rose 1.43 percent to LE33.95.

“Bellwether CIB was the main market mover in today’s session, after the positive results it posted,” Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

In addition to announcing a net profit of LE757 million ($109 million) in Q4, the bank also posted a 35 percent increase in net profit for 2013, to LE3 billion, compared to LE2.2 billion ($0.3 billion) in 2012.

Institutional investors accounted for 28 percent of market activity, “as CIB tends to be more of an institutional stock,” added Abdel Aziz.

The majority of EGX30 shares were in the green, including Ezz Steel, which rose 1.99 percent to trade at LE17.44 per share, and Six of October Development & Investment (SODIC), which gained 1.95 percent to close at LE24.09 per share.

TMG Holding was another rising real estate share, climbing 1.10 percent to close at LE7.33 a share.

Investment bank EFG-Hermes inched up 0.09 percent to reach LE11.37 per share.

Global Telecom Holding rose 0.99 percent to LE5.08 a share, and Telecom Egypt was up 0.20 percent to LE14.94 by the end of the session.

Property share Palm Hills Development Company was among the few shares in the red, falling 0.63 percent to LE3.18 per share.

The broader EGX70 index climbed 1.59 percent.

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