Market report: Egypt’s stocks end week on modest gains
Egyptian stocks rose for the third consecutive day on Thursday, recuperating part of 4.15 per cent heavy loss of Monday following the President Morsi's surprise decision to reinstate the dissolved People's Assembly.
The market’s rise is based on individuals who are keen on maintaining the index, Mostafa Badra, a market expert, told Ahram Online.
The benchmark index EGX30 ended the day of trading up 0.43 per cent, reducing gains in the morning slightly. The session left the market at 4,814.84 points.
The broader index EGX70 and EGX100 gained 0.43 and 0.29 per cent respectively.
Foreigners and Egyptians were net buyers recording net inflows of LE4.8 million and LE1.2 million, while Arab investors closed as net sellers recording net outflows of LE6.18 million.
Badra explained that the market’s reaction to political uncertainties was mild as Egypt is still waiting for the prime minister to be named. Several names were suggested but nothing is confirmed yet.
The visit of Morsi to Saudi Arabia had neither a positive nor negative impact on investors. “They are only thinking about business interests,” Badra commented.
On another hand, concern over the fate of the People's Assembly faded after the Supreme Constitutional Court rejected Morsi's presidential decree issued Sunday ordering the dissolved assembly (the lower house of Egypt's parliament) to resume its legislative activities.
Total turnover was average at LE389 billion. From 178 shares traded Monday, 84 lost value and 72 gained.
Orascom Telecom Media and Technology Holding (OTMT) recorded the highest turnover of LE90 million. The share lost 1.3 per cent to close at LE1.52.
The telecom sector, which overtook 33 per cent of total market activity, ended the day in the green with Telecom Egypt and Orascom Telecom rising by 1.3 and 1.6 per cent respectively.
Construction and materials and banks that form with the telecom sector the biggest sector in terms of market capitalisation were among the gainers.
The biggest market cap, Orascom Construction Industries (OCI), gained 0.43 per cent to close at LE252.5.
Blue chip firms the Commercial International Bank (CIB) and National Societe Generale Bank (NSGB) gained 1.05 and 0.6 per cent respectively.
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