Egypt main index in the green on eve of presidential vote
Ahram Online, Sunday 25 May 2014
EGX30 up 0.4 percent amid moderate turnover of LE775 million, with Egyptian investors as net-buyers, while broader EGX70 index loses ground

Egypt’s main index continued its ascent on Sunday, rising 0.4 percent and reaching 8,763 points ahead of the first day of voting in the country's presidential election.

Turnover was moderate, registering LE775 million as Egyptian investors acted as the session's net buyers, seizing a net total of LE32.3 million worth of shares, while foreigners were net-sellers.

Egypt is set to hold its second presidential poll in two years on Monday and Tuesday, with some 40 million registered voters expected at polling stations nationwide to choose between former defence minister and front-runner Abdel Fattah El-Sisi and Nasserist politician Hamdeen Sabahi.

Within the main EGX30 index, Orascom Telecom Media and Technology (OTMT) achieved the highest turnover value with LE104.4 million, rising 0.73 percent to trade at LE1.38 a share.

Commercial International Bank (CIB), the market’s largest listed stock, was in the red, shedding 0.34 percent to trade at LE38.47.

In the real estate sector, Six of October Development and Investment Company (SODIC) rose 0.17 percent to LE28.82, Palm Hills Development Company gained 0.65 percent to trade at LE4.65 and TMG Holding climbed 1.22 percent to LE9.98.

Global Telecom Holding rose 0.18 percent to LE5.51 and state-owned fixed line operator Telecom Egypt (TE) gained 0.48 percent to LE14.62.

Cairo-based investment bank EFG-Hermes saw its share price climb 1.33 percent to LE14.50.

Metallurgical giant Ezz Steel gained 2 percent to trade at LE2.83 a share.

The broader EGX70 index was in the red, falling 1.28 percent.