Egyptian stocks inch for the second consecutive day
Egyptian stocks continued to rally for the second consecutive day with the benchmark index EGX30 gaining 1.67 percent to close at 8109.48 points.
“The market continued the trend it started mid-Monday and will most likely keep up the pace at the start of the next session," said Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online.
The market was driven upward by expectations of political stability as well as UAE-based Arabtec's announcement on Monday that it would finance the development of one million low-income housing units across Egypt.
“Arabtec project might have a positive influence on sectors such as real estate, basic resources and construction and materials," explained Abdel-Aziz.
Palm Hills and TMG Holding of the real estate sector gained 3.15 and 2.89 percent respectively to close at LE3.51 and LE2.89. Ezz steel of the basic resources sector gained 0.89 percent to reach LE18.08 while Upper Egypt Contracting of the construction and materials sector gained 5.68 percent to trade at LE2.42.
The financial and telecom sectors saw important gains as well. Egyptian Financial Group-Hermes gained 3.25 percent to LE2.71, Amer Group Holding inched by 4.7 percent per share to LE1.56, and Pioneers Holding gained 3.29 percent to close at LE123.5.
Orascom Telecom Media and Technology Holding shares increased by 5.67 percent to LE1.49 while Telecom Egypt gained 2.12 percent to LE15.89.
Market bellwether CIB rose 1.04 percent to LE37.04.
Turnover rose to above LE1.1 billion.
Out of 183 stocks listed during the day, 114 gained value while 45 declined.
Foreign and Arab investors ended the day as net buyers while Egyptians were net sellers.
The broader index EGX70 gained 0.66 percent.
