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Egypt's main index up, but hindered by last-minute profit taking Rise of benchmark index EGX30 was slowed down during Thursday's session as investors sought profits, says analyst
Egypt's benchmark index EGX30 inched up 0.43 percent to 8,746 points on Thursday, while the broader index EGX70 inched down 0.03 percent in a session which saw a total daily listed stocks turnover worth LE932 million. Both indices were rising at the beginning of the session in continuation of last session's positive performance on the back of an announcement from MSCI confirming that the leading index-provider would keep Egypt on its emerging markets index. However, investors were seeking profit taking by the second half of the session, which reduced EGX30's gains and pulled down the EGX70, explained Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce. Unusually, non-Arab foreigners were net buyers to the tune of LE829.5 million, contributing more than 44 percent of the market's activity. Foreigners' activity was mainly driven by the block deal made to buy 800 million of Amer group's shares for LE1.2 billion, said Fathy. Only 70 stocks were gainers out of 183 traded stocks. Financial giant EFG-Hermes saw its share price slightly fall by 0.2 percent to LE15.31 per share. Earlier this week, Naguib Sawiris's Dutch-based New Egypt Investment fund and Beltone Financial made an offer to buy 20 percent of EFG-Hermes, a deal for which Hermes has hired an advisor to assess a fair value. The deal is currently under review by Egypt's financial supervisor. "Hermes' share price fluctuates as the image is blurry with regards to its anticipated deal with Beltone and offshore New Egypt fund," said Fathy. The real estate sector continued its rising trend and investors expect a boom in the sector in the months ahead. Six of October Development and Investment Company (SODIC) gained 2.16 percent to LE32.41 per share, Talaat Mostafa Group (TMG) rose 1.37 percent to LE9.43 per share and Palm Hills Development Company increased 0.89 percent to LE4.45 per share. Orascom Telecom Media and Technology (OTMT) inched up 0.75 percent to LE1.33 per share while Telecom Egypt (TE) was up 0.21 percent to LE14.4 per share. Global Telecom Holding (GTH) fell 0.53 percent to LE5.58 per share. http://english.ahram.org.eg/News/103543.aspx
