Egypt’s main index slightly up as stocks rebound

Ahram Online, Monday 7 Apr 2014

EGX30 up 0.08 percent, with turnover of listed stock valued at LE675 million, part of what an analyst says is a 'collective rebound' in most of the market's shares

Traders work near the exchange bell at Egypt's Stock Exchange in Cairo July 3, 2013 (Photo: Reuters)

Egypt’s main index inched up on Monday following noticeable declines in stock prices over the past ten days.

The EGX30 rose 0.08 percent to record 7,530 points.

“[The] increase is a result of a collective rebound in most of the market's shares,” said Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online.

The index dropped 1.8 percent at the beginning of the session, but managed to bounce back as investors tended to buy rather than sell, added Abdel-Aziz.

However, Abdel-Aziz noted that the exceptional fall in the market matches the exceptional rise in the last few months.

Listed stock turnover was LE675 million.

Non-Arab foreigners were net sellers to the tune of LE11.6 million, while most buyers were Egyptians for a net value of LE10.8 million.

Orascom Telecom Media and Technology (OTMT) achieved the highest turnover at LE95 million, though during the session its share price fell 1.89 percent to LE1.09.

In the telecom sector, Global Telecom Holding rose up 3.79 percent to LE4.4 per share, while Telecom Egypt (TE) increased 1.88 percent to LE15.42 per share.

Market bellwether Commercial International Bank (CIB) inched down 1.6 percent to LE36.06 per share.

In the real estate sector, both TMG Holding and Palm Hills were decliners at 0.8 percent to LE7.45 per share and 1.73 percent to LE3.41 per share, respectively, while Six of October Development Investment Company (SODIC) rose 0.6 percent to LE24.25 per share.

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