Amnesty says U.S. coalition underestimated impact on civilians in Syria    Stocks close lower after mixed earnings results; consumer stocks fall 1%    Oil prices drop as concerns over global fuel glut re-emerge    Dollar underpinned by Fed rate expectations, Aussie shines    Sisi forms committee to revise cases of young activists in detention    Trump: Clinton's foreign policy plan would start WW3    US election daily dig: Early voting gives Hillary Clinton a boost    Japan secures $460 million to finance Grand Egyptian Museum    National Youth Conference kicks off today in Egypt's Sharm El Sheikh    Police officers suspected to be behind Ismailia jail break    UK tries to make up for burying explosives in Egypt's western desert    Egyptian fishermen detained near Tunisian port of Sfax    EU, UNDP inaugurate artificial limbs centre in Egypt's north west coast    Sinai: A new focus    The battle for Mosul    Iran's role in Mosul    Desperate times for tourism    Better with age    Early handshake    Silver splash    4G enabled    FDI galore?    Top notch defence for policeman    CINEMA    Religious anonymity    Café de Paris butter stuffed breaded chicken    Support Egypt sweeps parliamentary committees    THEATRE    Cry my beloved language    The fall of ‘Nobel'    Egypt and world oil prices    Egypt, Japan to sign two financing deals in final week of October    Prominent Egyptian poet Farouq Shousha dies at 80    Serena Williams speaks out against police killings: 'I won't be silent'    Supercar maker McLaren says not in talks with Apple    Sherif Osman Secures Egypt's First Gold Medal at Rio Paralympic Games    تغريدة - هكذا كانت تهنئة نجوم وفرق العالم للمسلمين بعيد الأضحى    صورة- ذا روك يعلن عن بطلة فيلمه الجديد Jumanji 2    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    

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.