Egypt's bourse rises on active property developers, telecom shares

Ahram Online, Tuesday 15 Apr 2014

EGX30 up 1.8 percent to record 8,026 points as the market tries to rebound from recent heavy profit-taking

Egyptian stock exchange
A trader works at the Egyptian stock exchange in Cairo (Photo: Reuters)

Egypt's stocks continued their upturn rally on Tuesday for the second consecutive trading session, relying on active real estate and telecommunication sectors in attempts to recover from the heavy profit-taking seen in late March and early April.

The market's benchmark EGX30 rose 1.8 percent to record 8,026 points in a session that saw a relatively low daily turnover of listed securities worth LE884.5 million.

Real estate developers led the gainers among the listed securities – Talaat Moustafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) increased 8 percent, 3.8 percent and 3.5 percent to close at LE8.5, LE3.8 and LE26.2 per share respectively.

Earlier on Tuesday, TMG announced that it would distribute a cash dividend of around LE0.145 after profits grew in 2013.

The payment, TMG's first cash dividend since it was formed in 2007, will be in two equal tranches to be distributed on 30 April and 30 June to stock holders as of April 27.

On the other hand, SODIC has agreed to pay the government LE900 million ($129 million) over seven years following a revaluation of its Eastown scheme in Cairo, adding that it would develop the project over five years.

Telecom Egypt (TE) and Global Telecom (GT) rose 0.5 percent and 1.5 percent to close at LE15.6 and LE4.6 per share respectively.

Egyptians and foreign investors ended the session as net buyers with LE15.1 million and LE7.1 million respectively.

The heavyweight share Commercial International Bank (CIB) slightly declined 0.05 percent to register LE37.1 per share.

The broader index EGX70 went up 1 percent.

 

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