Egypt stocks slightly up, enhanced by the telecoms sector

Ahram Online, Wednesday 23 Apr 2014

Wednesday’s trading session saw Egypt's main index rise on foreigner acquisitions, though the broader EGX70 dropped

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

Egypt’s main market index, the EGX30, rose slightly Wednesday trading, pushed by gains in the telecoms sector. 

The EGX30 rose by 0.31 percent to reach 8294.88 points.

The telecoms sector pushed the market up for the second consecutive day after Global Telecom Holding resolved a long-standing dispute with the government of Algeria by selling to that government 51 percent of its subsidiary, Orascom Telecom Algeria, also known as Djezzy.

The sector led the market in terms of turnover with Global Telecom gaining 5.23 percent to close at LE5.23 while Orascom Telecom Media and Technology Holding rose 0.76 percent to LE1.32.

Public owned Telecom Egypt lost 6.4 percent, however, to close at LE14.77 per share.

The real estate sector also ended the day in the green, with Talaat Mustafa Group Holding up 1.8 percent to LE9.07 per share and Palm Hills Development Company up 0.98 percent to LE4.14 per share.

Market Bellwether CIB lost 0.24 percent to LE37.01.

Egyptian and Arab investors ended the day as net sellers while non-Arab foreigners where net buyers with a flow of LE23.5 million ($3.3 million)

Total turnover was LE980.5 million ($140 million)

Out of 191 stocks traded during the day, 41 gained in value while 124 declined.

The broader EGX70 index lost 0.72 percent.

 

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