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Upbeat investors push Egypt's stocks to 6-year high

Main index EGX30 records 7,720 points

Ahram Online, Tuesday 18 Feb 2014
Stock Exchange
Traders work at Egypt's Stock Exchange in Cairo December 8, 2013.(Photo: Reuters )
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Views: 768

Egyptian stocks continued their northern turn on Tuesday and hit a new six-year record, thanks to upbeat investors actively trading on day which saw a total turnover of listed securities register LE1 billion.

The main index EGX30 rose 2 percent to record 7,720 points, despite domestic investors dominating the market as net sellers to the tune of some LE4.7 million.

Foreign investors were net buyers of LE31 million.

“It seems that Field Marshal Abdel-Fattah El-Sisi's approaching presidential candidacy has positively fuelled investors,” said Eissa Fathi, vice head of the securities division at Cairo Chamber of Commerce.

Earlier on Tuesday, military spokesperson Ahmed Ali said that the army will not run El-Sisi's presidential campaign should he decide to enter the elections as a candidate.

The market’s rising blue chips were led by Commercial International Bank (CIB), up 2.2 percent to close at LE35.5 per share.

Telecommunication bellwethers Global Telecom (GT) and Telecom Egypt (TE) increased 1.2 and 1.1 percent to register LE4.9 and LE14.9 per share respectively.

Property shares Talaat Moustafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) surged 2.2, 2.8 and 1.8 percent to close at LE7.2, LE3.1 and LE24 per share respectively.

The broader index EGX70 inched up 0.5 percent.

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