Egypt targets $10 bln FDI for major infrastructure upgrades    Russia agrees to lift temporary ban on some agricultural imports from Egypt    Russia-Egypt Talks on resuming air service to kick off in Cairo on Tuesday    Sisi pledges more job to deter perilous migration to Europe    CAPMAS: 51% fall in number of inbound tourists to Egypt in H1    Algeria petroleum minister sees hurdles to OPEC, Russia output deal    Jolie being 'consoled' by Johnny Depp following dramatic breakup with Pitt    UN director creates a virtual reality documentary to highlight humanitarian tragedies    Egypt says arrests more than dozen people for creating a ‘negative atmosphere'    Supercar maker McLaren says not in talks with Apple    Actor found slain at L.A. home of Canada TV host Stroumboulopoulos    Marion Cotillard breaks her silence, respond to Pitt rumours    Renaissance signing    Cairo backs Libyan stance    Second Mistral docks    Voice of the voiceless in Venezuela    Through the roof    Feast in Cairo    Wins local and African    The sun in Spain    Not eager for 4G?    Confirmed assets freezes on NGOs    Thirty months on    Rallying in New York    Wheat for citrus?    A century and a half of parliament    Committee shake-up    CIFCET Schedule (22 - 29 September)    EXHIBITIONS    Art    Egypt: impact studies on Ethiopian dam to be finalised in one year    Oxford ranked as world's top university: Times Higher Education    EU earmarks €50 million for Egypt women rights, socio-economic projects    Sudan, Egypt, Ethiopia seal contracts on GERD Dam impact studies    Sherif Osman Secures Egypt's First Gold Medal at Rio Paralympic Games    Egyptian Sprinter Mostafa Fathalla hunts Silver at Rio Paralympics    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    







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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
Ahram Online 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.

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