Egypt stocks see slight gains Sunday, turnover remains low

Egypt stocks finished Sunday trade at a slight increase with the main EGX30 benchmark gaining 0.21 per cent to sit at 4,971 points.

Investors continue to act overly cautious as the recent wave of unrest the country experienced in the past few weeks drove investors away.

Sectarian clashes in Giza’s Dahshour district, the murder of 16 Egyptian soldiers in Sinai on Egypt's border with Gaza and an unprecedented military activity in Sinai - all makes the investment climate turbulent.

Turnover remains at the low levels that are typical of trading in the Islamic month of Ramadan, marking a meagre LE159 million at session close ($27 million).

The broader EGX70 index gained 0.29 per cent.

Out of 157 shares traded today, 82 dropped in value, 50 gained and 25 remained unchanged.

Orascom Telecom and Media Technology (OTMT) was the most active share in today’s session, seeing LE31 in trading volume and gaining 1.85 per cent to close at LE0.55 per share. OTMT saw varied performance following its dividend distribution, which came as result of selling its share in its biggest venture, Mobinil.

Egypt’s largest investment bank, EFG-Hermes, saw LE15 million in turnover, the second highest in the session, and dropped 0.56 per cent to close at LE10.55 per share.

As it is the norm on Sundays, Egyptian individual investors dominated the session, with almost 90 per cent of trade. They were net sellers, but at the low amount of LE366,324.

Another telecom firm, Orascom Telecom, witnessed LE12 million in turnover and gained 0.57 per cent.

Beleaguered real estate developer, Palm Hills Development (PHD), saw LE7 million in turnover but the stock price remained unchanged.