Market Report: EFG-Hermes keeps Egypt market in green
Egypt stocks ended up on Thursday, bolstered by more than LE400 million worth of trades on EFG-Hermes, Egypt's largest financial services company.
The benchmark EGX30 index rose by 1.7 per cent for the day to alight at 4,708 points.
The day's strong performance refuted predictions by most market analysts, who had expected investors to take profits on Thursday in light of the major gains recorded this week on the back of Muslim Brotherhood candidate Mohamed Morsi's presidential victory.
Market expert Mostafa Badra explained that Thursday was considered the last day of the 2011/12 fiscal year, which is usually marked by slow trading since most listed companies are busy revising their respective fiscal situations.
The broader EGX70 index, meanwhile, also rose by 0.9 per cent.
EFG-Hermes led the bourse's blue-chips, rising 0.3 per cent to close at LE10.15 per share and registering the day's highest turnover (LE407.5 million), accounting for a whopping 52.6 per cent of the market's total daily turnover (LE774.4 million).
"It was an undefined transaction, even though around 8 per cent of Hermes' shares are held by Arab investors and foreign institutions," Badra told Ahram Online.
He added that, according to the rules of Egypt's market, listed companies must disclose any transaction that exceeds 5 per cent of its total share volume.
Egyptian and Arab investors were net buyers for the day, meanwhile, making some LE50.7 million and LE322.7 million in purchases. Foreign investors, for their part, sold more than they bought, to the tune of LE373.5 million.
High caps Commercial International Bank and Orascom Construction Industries rose by 0.6 and 1.4 per cent for the day respectively.
Orascom Telecom and split-share Orascom Telecom Media and Technology (OTMT) also saw gains of 1 and 2 per cent respectively.
"OTMT announced share dividends, as the coupon per share is worth LE1.05," Badra said.
OTMT Chairman Naguib Sawiris tweeted on Thursday that he "felt shareholders' happiness" after announcing the coupon at a company meeting.
Property shares Talaat Mostafa Group and Palm Hills, meanwhile, likewise did well, gaining 4.2 and 2.6 per cent respectively.
Private equity company Citadel Capital was the day's only loser from among EGX30 listed stocks, declining by 0.6 per cent.
Of 181 stocks listed on the exchange, 130 gained while 35 registered losses.
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