This image will be automatically disabled when it gets reported by several people.
Egypt's stocks up as turnover recovers Only four of the main index EGX30's shares were in the red, as Egypt's market is buoyed on Tuesday by upward trends elsewhere
Egypt's main index EGX30 was up 0.77 percent on Tuesday to register 8,307 points, while the broader index increased 0.56 percent. Turnover of listed stocks exceeded LE802 million. "The market was influenced by the upward trend in several international and regional markets including the US and Dubai," Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online. Arab investors remained net buyers, to the tune of LE21.5 million. Out of 173 traded stocks, 109 were in the green. Only four of EGX30's shares were in the red – Commercial International Bank (CIB), Arabia for Investments, Telecom Egypt (TE) and Six of October for Development and Investment company (SODIC). Market bellwether CIB's shares inched down 0.05 percent to LE37.03 per share, while SODIC dropped 0.08 percent to LE26.4 per share and Arabia for Investment was down 0.45 percent to LE2.17 per share. Telecom Egypt – which has seen a 36 percent drop in net profits in the first quarter in 2014, according to reports released from the company on Tuesday – saw its share price fall 0.84 percent to LE14.18 per share. The market's good performance saved Telecom Egypt from a sharp decline, said Abdel-Aziz. The real estate sector was mostly rising. United Housing and Development rose 3.07 percent to LE16.3 per share, Palm Hills increased 1.89 percent to LE4.33 per share and Talaat Moustafa Group was up 0.11 percent to LE8.83 per share. http://english.ahram.org.eg/News/101195.aspx
