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.
Ahram Online
Video
Spot Lights
BBC SportWhen it's put to him that he might be the most talented athlete in the world to hold a racquet, a bashful Ramy Ashour admits "that's pretty great".The 25-year-old Egyptian is more than just the current squash world number one - his elastic, unorthodox brilliance and charisma could be the key to squash breaking out beyond its four walls and regaining a place on the wider sporting
Ministers in Prime Minister Hisham Qandil's cabinet following the recent reshuffle (new appointees are in italics): 1. Minister of Agriculture Ahmed Mahmoud Ali El-Gizawi2. Minister of Antiquities Ahmed Eissa3. Minister of Aviation Wael Maadawi4. Minister of Communication Atef Helmy5. Minister of Culture
AP— April 15, 2013: Two bombs explode in the packed streets near the finish line of the Boston Marathon, killing three people and injuring more than 140.— January 17, 2011: A backpack bomb is placed along a Martin Luther King Day parade route in Spokane, Washington, meant to kill and injure participants in a civil rights march, but is found and disabled before it can explode. White
The convenient marriage between Iran and the Arab left would have been unthinkable only a few years ago, given the traditional ideological paradoxes between patriarchal Persian Shiism, on the one hand, and leftist orthodoxy on the other.Indeed, a casual viewer of Hizbullah's Al-Manar television, or the Iranian-funded Al-Mayadin TV, these days would probably think that the two Shia propaganda
