Egyptian stock market sees modest gains

Ahram Online
February 11, 2014

Egypt’s main EGX30 index inched up 0.14 percent registering 7,498 points on Tuesday, while the wider EGX70 index rose by a generous 2.17 percent.

Egyptian investors were the net buyers at a net value of nearly LE16 million ($2.3 million) while most sellers were Arab investors.

The daily turnover of listed stock was LE829.2 million ($119 million).

Telecom Egypt and Pioneers Holding, two of 96 gainers, both rose by 1.43 percent, closing at LE14.91 ($2.14) per share and LE9.21 ($1.32) respectively.

“Investors are likely anticipating Telecom Egypt’s 2013 results, which made LE2.4 billion ($344 million) in profits in the first nine months,” Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Telecom Egypt also distributes its dividends in April, which yield is as high as 9 percent.

Pioneers Holding announced on Sunday plans to acquire the Saudi Arabia real estate company Roiyah.

Financial company EFG-Hermes and Eastern Tobacco both saw their shares decline. EFG-Hermes inched down 0.35 percent to close at LE11.36 ($1.63) per share while Eastern Tobacco fell 0.47 percent to close at LE156.87 ($22.5) per share.