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Egypt stocks pushed up by CIB gains

Egypt's stocks rise slightly as market bellwether Commercial International Bank maintains its upward trend

Ahram Online, Thursday 13 Feb 2014
Egyptian stock exchange
Traders work at the Egyptian stock exchange in Cairo January 3, 2013 (Photo: Reuters)
Views: 743
Views: 743
Egypt's stocks rose slightly Thursday as market bellwether Commercial International Bank maintained its upward trend.
Egypt's benchmark EGX30 index gained some 0.26 percent to record 7590.71 points, pushed by CIB gains for the second consecutive day.
Egypt's largest market cap, CIB gained 1.68 percent to close at LE34.52 per share, helping the market to neutralise the slide of other big shares.
CIB's performance was enhanced by a 29 percent rise in net profits for the fourth quarter of 2013, announced Wednesday.  
Other blue chips Global Telecom Holding and Telecom Egypt lost 1.38 and 0.4 percent respectively. 
TMG Holding and Palm Hills Development Company, both in the real estate sector, lost 0.14 and 1.89 to end LE7.32 and LE3.12 per share respectively.
Ezz Steel lost 0.29 percent to end LE17.39 per share. 
Egyptian investment bank EFG-Hermes Holding Company lost 0.7 percent to reach LE11.29 per share.
Total turnover went down to LE788.9 million ($112 million). 
Egyptian investors were net-sellers at LE34 million while Arab and non-Arab foreign investors were net-buyers, recording a flow of LE11.9 million and LE22 million respectively.
The broader EGX70 index climbed 1.43 percent.
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