Egypt's stocks rise on Wednesday despite Cairo University bombings

Ahram Online, Wednesday 2 Apr 2014

Main index still up 0.1 percent, despite trading falling at mid-day as three bombs detonated at Cairo University

Egyptian stock exchange
A trader watches his monitor at the Egyptian stock exchange in Cairo (Photo: AP)

Egypt's stocks continued their northern rally on Wednesday despite the index falling at midday during a spate of bombings at Cairo University.

The market benchmark EGX30 rose slightly by 0.1 percent to close at 7,430, down from 8,010 in the mid-trading.

Three bombs exploded at Cairo University at mid-day on Wednesday, killing one policeman and injuring at least five others.

A fourth device was later deactivated.

Domestic investors were the only net sellers with some LE96.8 million, while foreigners and Arabs were net buyers.

The broader index EGX70 slipped 0.6 percent in a session that saw a total daily turnover of listed securities worth LE765.1 million.

The market's blue chip Commercial International Bank (CIB) rose 0.2 percent, closing at LE36.8 per share.

The country's landline monopoly Telecom Egypt (TE) increased 2.8 percent to register LE17.2 per share, following a recent announcement from the telecom ministry that a fourth mobile license in the country will be operated by TE.

TE has been asked to pay LE2.5 billion ($360 million) for the mobile licence, telecom minister Atef Helmy said at a press conference on Wednesday, according to Reuters.

"All measures related to the unified licence will be finished by June 30," Helmy said, referring to the new form of licence, which will cover both mobile and fixed line services.

A licence for current mobile companies to gain access to TE's fixed line network is priced at LE100 million, Helmy said.

Global Telecom declined 0.2 percent, closing at LE4.4 per share.

Property share Talaat Moustafa Group (TMG) went up 0.6 percent to close at LE7.9, while Six of October Development and Investment (SODIC) dipped 1.2 percent to close at LE24.7 per share.


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