EGX30 breaches 6800 barrier fuelled by Commercial International Bank

Khaled Barakat , Thursday 9 Dec 2010

The EGX30 ended today in the plus column, advancing 1.47 per cent to close above the 6800 mark.



The EGX30 ended today’s session in the red, advancing 1.47 per cent, or 99.6 points, to close at 6873 points. Yaser Al-Kamouni, financial analyst at Namaa Securities Brokerage, said the advance was largely led by the Commercial International Bank (CIB).

All Egyptian stocks trading in London rose, except for EFG-Hermes. US stock markets ended on a green note earlier.

A total of 111.4 million shares were exchanged, at a total value of LE956.7 million.

Al-Baraka Bank Egypt  was the top mover, soaring 7.5 per cent to end at LE10.92. It was followed by Misr Chemical Industry that surged 7.08  per cent to reach LE7.7.

Arab Valve Co  was the biggest drag on the overall index, plunging -4 per cent to LE5.2, followed by Misr Hotel.

Foreigners were inclined towards purchasing today, with a buy/sell difference of LE128.6 million. Conversely, nationals and Arabs headed towards offloading their equities.

Nationals dominated 81.6 per cent of total trading, while foreign and Arab investors accounted for 15.07 per cent and 3.3 per cent respectively.

Retail investors, who tended towards selling, controlled 63.3 per cent of total trading. Meanwhile, institutional traders dominated 36.6 per cent with a purchasing spree.

All sectors turned green except for personal household products and food and beverages. Construction and materials was the most active sector, taking 19.6 per cent of total turnover. Telecommunications came next with 15 per cent.

The EGX70 — the index for small and medium business — rose 1.13 per cent to reach 751.5 points.

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