Egypt's EGX30 index up slightly as foreigners buy
Ahram Online, Wednesday 3 Sep 2014
Positive economic projections continued to buoy the market Wednesday, despite Egyptian investors seeking profits

Egypt's main market index achieved modest gains Wednesday as foreigners continued to buy on a positive economic outlook, analyst said.

The benchmark EGX30 index increased slightly by 0.04 percent to record 9,627 points while daily stock turnover registered LE822.8 million.

"The index continued increasing after the last sessions' whopping gains due to positive news on Egypt's economy, though at a slower pace as Egyptian investors sought profits," Eissa Fathy, vice head of the securities division at the Cairo Chamber of Commerce, told Ahram Online.

Non-Arab foreign investors were net buyers to the tune of LE27.9 million while Egyptians were net sellers to the tune of LE27.3 million.

Market bellwether Commercial International Bank (CIB) inched up 0.29 percent to LE47.4 per share.

Egyptian Financial Group-Hermes (EFG-Hermes) gained 1.82 percent to reach LE18.83 per share.

Other big gainers in the session included Ezz Steel and Orascom Telecom Media and Technology Holding, rising 1.82 percent to LE17.21 per share and 1.57 percent to LE1.27 per share respectively.

In telecommunications, Telecom Egypt fell 1.25 percent to LE14.21 per share, and Global Telecom Holding inched down 1.47 percent to LE5.35 per share.

In real estate, Sixth of October for Development and Investment Company (SODIC) dropped 1.33 percent to LE47.01 per share.