Masress : Egypt's stocks start week in the green

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Egypt's stocks start week in the green
EGX30 up 0.61 percent after previous week's record highs as foreign investors remain net-buyers despite Sunday's slow down

Ahram Online Published in Ahram Online on 17 - 08 - 2014

Egypt's benchmark index continued to rise on Sunday, gaining 0.61 percent to reach 9,444 points as turnover registered LE681 million.
Egyptian investors, who constituted some 90 percent of the market, were net-sellers for LE11.5 million while non-Arab foreigners remained net-sellers for LE11.3 million, followed by Arab investors for LE242,000.
Market bellwether Commercial International Bank (CIB) was up 1.44 percent to trade at LE47.27 a share, achieving the second highest turnover at LE38.2 million.
Real estate stocks were also particularly active, with Palm Hills Development Company reaching a turnover of LE34.7 million – but falling 0.90 percent to trade at LE4.42.
Six of October Development and Investment (SODIC) was up 1.13 percent to LE43.88 a share. According to a statement released by the company on Thursday, SODIC's net profit in H1/2014 (LE91 million) almost doubled from the same period of last year as the property developer witnessed strong and healthy operations during the first six months of the year.
The company also announced that it has finished paying a settlement due to Solidere International and Solidere Egypt, leading to the return of 250,000 cubic meters located in Sheikh Zayed City on which SODIC says it plans to build 1,000 residential units with an estimated sales return of LE1.3 billion in the near future.
TMG Holding was up 0.61 percent to trade at LE9.90 a share.
Cairo-based investment bank EFG-Hermes saw its share price rise 0.22 percent to LE18.34, after announcing its highest net profit in four years last week for Q2 2014.
Global Telecom Holding rose 1.40 percent to LE5.08 a share, while Telecom Egypt inched down 0.07 percent to LE13.66.
The broader EGX70 index was up 1.83 percent at the close of the session.
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