Egypt to reopen Rafah crossing for Gaza pilgrims    Banque du Caire to fund Suez Canal Development Projects    Slight growth in mobile, internet subscribers with 700,000 new customers    Egyptian cabinet approves raising natural gas installation fees for households    Egypt studies possible reconciliation with Mubarak-era industry minister    Iran detects malware in petrochemical plants, says not linked to recent fires    High administrative court accepts recusal request in Egypt's Red Sea islands case    Matt Damon climbs up Forbes' Hollywood rich list    French court rules Burkini Ban illegal    Italy quake death toll hits 281, state funeral planned    Cairo repeats offer to treat brother of 13-year-old seeker of healthcare in Italy    Uber to let London residents book rides weeks in advance    Armed Forces kill 4 militants targeting a North Sinai checkpoint    Messages from Al-Sisi    Rush to Assad    Russian flights back soon?    Marriage of convenience    An Israeli hand not shaken    Do Palestinian refugees exist?    Martin Jol and Ahly part ways    Grilled on wheat and a five-star hotel    Feeling the pinch    Dealing with half-truths    CINEMA    Church building stirs controversy    Destination Marsa Alam    The Brotherhood and Salafis    Why we prefer old movies    MUSIC AND DANCE    New roles for the palace?    South Africa's Semenya takes 800 metres gold    After the party: Rio wakes up to an Olympic hangover    Mo Farah completes historic double-double with 5,000m win in Rio    Nile management    Rowling returns to Harry Potter's world with new ebooks    New Bridget Jones book to be published in October    Court sentences Geneina to 1 year in prison    Egypt will always remain an oasis of security: Sisi    Egyptian Exchange gains EGP 2 billion on Thursday    Obama Passes Torch to Clinton, Slams Trump    Egypt in the international media    Azhar rejects Egypt govt decision to standardise Friday sermons    British delegation agreed MB designation as a terrorist group, MPs    Egypt in the international media    Egyptian Lebanese House to release Shahawy's new book next month    Antiquities Min. to extend Archaeological Transcripts& Books Fair    Ronaldo pledges to 'come back stronger' after knee injury    Dortmund in talks with Bayern Munich over Goetze return - report    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





CIB drives Egypt market upwards; trading sees significant recovery
Main EGX30 gains 0.75 per cent to close in on its highest point in the last six months; turnover reaches $106 million as the market looks ripe for recovery
Published in Ahram Online on 27 - 08 - 2012

Egypt's market continued on its gains streak on Monday with turnover seeing a major boost recalling pre-uprising levels. Monday's gains were driven primarily by the impressive performance of the Commercial International Bank and the real estate sector.
The main EGX30 index gained 0.75 per cent to close at 5,281 nearing its six months high of 5,452 points. Turnover reached LE636 million ($106 million), a level rarely seen in the struggling market since March 2011.
Egyptian investors drove the market on Monday, making up 78.5 per cent of trading and net-buying at LE13 million.
The Commercial International Bank (CIB), Egypt's largest private bank, was the most active share in Monday's session and the main engine behind today's gains, contributing 10 per cent of the session's volume. CIB gained 1.55 per cent to close at a share price of LE29.5.
Both Orascom Telecom (OT) and Orascom Telecom and Media Technology (OTMT) marking LE34 million in turnover. OT gained a meagre 0.28 per cent while OTMT dropped 1.69 per cent.
Out of 179 shares traded, 137 saw their value increase while 31 deteriorated. Eleven shares remained unchanged.
The broader index, EGX70, which measures the performance of smaller shares, gained 1.17 per cent in Monday's session to close at 484 points.
The Bourse's largest share, Orascom Construction Industries (OCI), which usually sets the tone for trade, increased by 0.35 per cent to land at LE276.07 per share. It saw LE29.1 million in turnover.
The Real Estate sector boosted its year-to-date surge, gaining 1.57 per cent, on the back of the surge in Palm Hills Development (PHD), Egypt's second largest listed developer. The developer which was beleaguered with legal ambiguity regarding its land bank saw its share price grow 0.44 per cent to close at LE2.26.
Real Estate giant, Sixth of October Development and Investment (SODIC), gained an impressive 4.58 per cent to close at LE22.13 per share. Earlier in August, the country's third-biggest listed property developer, posted a first half net profit of LE85.1 million ($14 million) for 2012 on Wednesday, compared to LE120.0 million loss for the same period a year ago.


Clic here to read the story from its source.