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Egypt index up 1.3% as Global Telecom, other blue chips climb

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Egypt index up 1.3% as Global Telecom, other blue chips climb

Egypt's main index rose for the second consecutive session on Sunday, helped by heavyweight share gains as local investors were net-buyers.

The EGX30 was up 1.26 percent to 6,156 points by the session's end, as market bellwether Commercial International Bank (CIB), the country's largest private lender, rose 1.42 percent to close at EGP 33.46 a share.

Global Telecom Holding saw its share price climb 3.03 percent to EGP 2.04, after the newly acquired subsidiary Beltone Financial Holding announced that it had been delegated to carry out the acquisition of CI Capital Holding, the investment banking arm of CIB, with a view to merge the two financial services firms into a regional entity.

Majority state-owned landline operator and the second largest traded stock, Telecom Egypt, jumped 4.29 percent to EGP 6.57 a share.

Egyptians were net-buyers at EGP 10.1 million, Arab investors were net-sellers of EGP 2.5 million while foreigners were net-sellers at EGP 7.6 million, according to bourse data.

Juhayna Food Industries saw its share price plummet 6.94 percent to EGP 6.30, after it was reported on Saturday that chairman and CEO Safwan Thabet had been referred to prosecution by a government committee tasked with investigating and appropriating the assets of the banned Muslim Brotherhood group.

In the real estate sector, property Developer TMG Holding rose 1.25 percent to EGP 4.85, while Emaar Misr for Development was flat at EGP 2.21.

Six of October Development and Investment (SODIC) was up 1.17 percent to EGP 6.92, and Palm Hills Development Company rose 1.75 percent to EGP 2.32.

EFG-Hermes saw its share price rise 1.86 percent to EGP 7.11.



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