Egypt's stocks timidly rise despite Taba blast

Ahram Online, Monday 17 Feb 2014

Main index EGX30 up 0.01 percent, with foreign investors net buyers of some LE5.3 million, despite Sunday's deadly bomb attack on a tourist bus in South Sinai

stock market
Egyptian traders work on the floor of the stock market in Cairo (Photo: AP)

Egypt’s stocks ended up trading in green on Monday as investors tended to last-minute buying to take advantage of the low-priced shares.

Listed shares were down at the beginning of trading, due in part to Sunday's attack on a tourist bus in the Red Sea resort town of Taba that killed at least four.

It is the first attack on tourists and not security personnel since the start of a bombing campaign following the ouster of president Mohamed Morsi in July 2013.

The main index EGX30 inched up 0.01 percent, recording 7,577 points despite domestic investors being net sellers of some LE3.6 million.

"Prices were so tempting to investors, whether they were local or foreign, and although they did buy, only the latter were able to end the session as net-buyers," said Eissa Fathi, the vice head of the securities division at Cairo Chamber of Commerce.

Foreign investors were net buyers of some LE5.3 million.

The broader index EGX70 rose 0.5 percent, with individuals much more active than institutions, representing 81 percent of the market.

Market bellwethers Commercial International Bank (CIB) and Telecom Egypt (TE) increased 0.1 and 0.4 percent, registering LE35.08 and LE14.95 per share respectively.

Real-estate developers Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) rose 1.3 and 0.6 percent, recording LE3.22 and LE24.23 per share respectively.

The prominent property share Talaat Mustafa Group (TMG) dipped 0.8 percent to close at LE7.15 per share.

The total daily turnover of the listed securities reached LE603 million.


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