Masress : Egypt stocks up Wednesday ahead of Labour Day holiday

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Egypt stocks up Wednesday ahead of Labour Day holiday
Stocks rallied in the last day of trading Wednesday, buoyed by the relatively muted response of the Muslim Brotherhood to death sentences passed in Minya Monday

Ahram Online Published in Ahram Online on 30 - 04 - 2014

Egypt's stocks rebounded Wednesday, the last trading day in the week ahead of Thursday's national holiday commemorating Labour Day, after three consecutive sessions where stocks fell.
The main EGX30 index rose 1.3 percent, recording 8,256 points.
According to Eissa Fathy, vice head of the securities division at the Cairo Chamber of Commerce, the rise comes as investors have felt more positive and stable, particularly after the Muslim Brotherhood group's relatively muted reaction, in terms of violence, to the latest ruling by a Minya court sentencing 683 supporters of ousted president Mohamed Morsi to death.
The defendants were convicted of attacking a police station in Adawa, near the southern city of Minya, and killing a police officer. The Muslim Brotherhood's Supreme Guide, Mohamed Badie, was among those convicted.
“The political situation nowadays has more influence on the stock market than business and economy,” Fathy told Ahram Online.
He added that as the nation heads into presidential elections in May, most market experts expect the bullish trend to continue.
The broader EGX70 index rose one percent in a session that saw a total daily turnover of listed securities worth some LE683 million.
Only domestic investors were net buyers, of some LE50.6 million.
The market's heavyweight share Commercial International Bank (CIB) increased 1.2 percent to close at LE37.2 per share.
Real estate developers all went up, led by Talaat Mustafa Group (TMG) up 1.3 percent registering LE9 per share.
Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) rose three percent and 0.6 percent closing at LE4.1 and LE26.1 per share respectively.
Global Telecom (GT) and Telecom Egypt (TE) rose two percent and one percent to close at LE5.2 and LE14.8 per share respectively.
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