Egypt stocks up on political outlook despite calls for Friday protests
Ahram Online, Thursday 18 Jul 2013
Egyptian and Arab investors confident of transitional cabinet push EGX30 up 0.03 percent on Thursday despite calls for rival protests on Friday

Egyptian and Arab investors pushed Egypt’s benchmark EGX30 index up 0.03 percent on Thursday, after it had dropped by as much as 0.43 percent at the start of tradingon fears of upcoming protests.

Egypt’s Rebel (Tamarod) movement, which was behind the protests which led to the ousting of Islamist president Mohamed Morsi earlier this month, has called for nationwide protests on Friday to mark the anniversary of the 10th of Ramadan 1973 war with Israel.

Meanwhile, Morsi's Muslim Brotherhood and its supporters have also announced plans for protests.

While non-Arab foreign investors were net-sellers, to the tune of LE115.3 million, optimistic Egyptian and Arab investors were net-buyers, for LE92.9 million and LE22.4 million respectively.

Investor optimism was driven primarily by confidence in Egypt’s newly formed cabinet, which was sworn in on Monday, Mohsen Adel, deputy head of the Egyptian Association for Finance and Investment Studies, told state-owned Al-Ahram’s Arabic news website.

Investors were particularly reassured by the presence of prominent figures heading the economic ministries, and their displayed commitment to boosting the country’s economy, explained Adel.

Total turnover during the session reached LE358.7 million, with 57 stocks gaining and 66 decliners out of a total 161 listed.

EGX30 real estate stocks Palm Hills Development Company and Six of October Development & Investment (SODIC) were in the red, falling 1.22 percent and 0.67 percent respectively.

Investment bank Egyptian Financial Group-Hermes Holding Company slid 0.23 percent.

However, bellwethers Commercial International Bank and Orascom Construction Industries were up 0.03 percent and 0.18 percent respectively.

Real estate share TMG Holding rose 0.84 percent and Orascom Telecom gained 0.45 percent.