Egypt’s market buoyed by real estate gainers

Ahram Online, Thursday 17 Apr 2014

Main index up 0.29 percent thanks to rise in real estate shares

File Photo: A view from the Egyptian stock market in Cairo (Photo: Reuters)

Egypt’s benchmark index EGX30 inched up 0.29 percent to register 8,103 points on Thursday in a session that saw real estate shares as the index's main drivers.

“The market was able to maintain its recovery trend despite expectations of a drop before the holiday season (Easter weekend). Real estate shares were the leading drivers in the index,” Ashraf Abdel-Aziz told Ahram Online.

Listed stock turnover reached LE818 million.

Egyptian investors were net buyers to the tune of LE32.6 million, whereas Arab investors were mostly sellers at a net value of LE13.2 million.

Some 114 shares gained out of a traded total of 183.

The top gainer in the index was real estate developer Madinet Nasr Housing, which rose 5.02 percent to LE31.25 per share.

The real estate sector also saw Talaat Moustafa Group (TMG) rise 1.63 percent to LE8.83 per share and Palm Hills increase 3.12 percent to LE4.07 per share. Six of October Development and Investment Company (SODIC) was also a gainer, rising 1.16 percent to LE27.13 per share.

In the telecom sector, Telecom Egypt (TE) gained 0.65 percent to LE15.59 per share, while Global Telecom Holding dropped 1.09 percent to LE4.55 per share.

Market bellwether Commercial International Bank (CIB) declined 0.29 percent to LE37.45 per share.

The broader index rose 0.92 percent.

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