Masress : Egypt's stocks up on CIB and real estate sector gains

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Egypt's stocks up on CIB and real estate sector gains
Rising real estate shares buoy main index EGX30, up 0.88 percent with LE1.3 billion in total turnover

Ahram Online Published in Ahram Online on 20 - 05 - 2014

Egypt's market inched up for the second consecutive day on real estate sector gains. The main index EGX30 gained 0.88 percent on Tuesday to 8,658 points.
Market bellwether Commercial International Bank (CIB) gained 2.14 percent to LE38.64 a share.
The other big cap Telecom Egypt lost 0.84 percent to LE14.21.
In the same sector, Global Telecom Holding inched up 0.19 percent to LE5.93. Orascom Telecom Media and Technology Holding (OTMT) gained 0.74 percent to LE1.37 a share.
The real estate sector led the market in terms of turnover. TMG Holding gained 2.86 to close at LE9.72, Palm Hills inched up 0.88 to LE4.59 and Six of October Development and Investment (SODIC) increased 1.77 percent to LE28.11.
United Housing and Development lost 1.1 percent to end the day at LE16.17.
Egyptian investors were the only net buyers, recording a net flow of LE42.3 million ($6.47 million), while foreigners and Arabs were net sellers.
Total turnover was high with LE1.3 billion ($185 million).
Out of 184 stocks traded during the day, 79 gained while 75 declined.
The broader index EGX70 gained 0.31 percent.
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