Egypt's stock market ends year on positive note

Ahram Online
Egypt's stock market ends year on positive note
Egypt's Stock Exchange

Egypt's main index inched upwards by a slender 0.01 percent to end the calendar year at 6,783 points on Tuesday, amid a moderate turnover of nearly LE440 million.

Egyptian investors were net buyers by a little over LE1 million and Arab investors net-bought LE15.2 million worth of shares, while non-Arab foreign investors were net-sellers of LE16.3 million.

Telecom Egypt witnessed the second highest trading value in the EGX30, climbing 2 percent to close at LE14.68, buoyed by news from the National Telecommunications Regulatory Authority that it had completed preparations for a universal telecom licence and would submit it to Egypt's cabinet for final approval.

The virtual licence is expected to give the Egypt's only fixed-line operator a great advantage by allowing it to offer mobile and data services to its customers.

Other gainers in the main index were market bellwether Commercial International Bank (CIB), which rose 0.09 percent to trade at LE32.58 a share at the session's close, and real estate player Six of October Development & Investment (SODIC), which also gained 0.09 percent to reach LE22.61 a share.

Real estate shares Palm Hills Development (PHD) Company and Talaat Moustafa Group (TMG) Holding were in the red, however, shedding 1.13 percent and 1.12 percent, to trade at LE2.62 and LE6.18 a share, respectively.

Investment bank EFG-Hermes fell 0.91 percent to close at LE8.71 a share.

Global Telecom Holding slid 0.63 percent to trade at LE4.71 at the session's end.

The broader EGX70 saw a sharp dip during the session, closing 0.62 percent down.