Masress : Egypt stocks buoyed by Suez Canal project, despite profit-taking

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Egypt stocks buoyed by Suez Canal project, despite profit-taking
Investor appetite boosted by announcement of Dar Al-Handasah winning Suez Canal mega project contract, as news counters selling pressure

Ahram Online Published in Ahram Online on 20 - 08 - 2014

Egypt's indices continued to rise on Wednesday thanks to investor optimism from the previous day's announcement of details for a mega-project along the banks of the Suez Canal.
On Tuesday, the Egyptian government said it has chosen Bahrain-based international engineering consultancy firm Dar Al-Handasah (Shair and Partners) and its Egyptian subsidiary to develop an industrial hub along the banks of the international waterway, the plans for which are to be unveiled in six months' time.
The news caused an upturn in the EGX30's performance halfway through Tuesday's session, with the index closing on a 0.85 percent rise to record 9,395 points after starting the session in the red.
"This project will have a positive impact on the market for some time" Eissa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online.
The main index rose 0.45 percent to 9,437, while the broader EGX70 inched up by 0.15 percent.
Total turnover of listed stocks hit LE1.15 billion, partly due to profit-taking which caused a slight slump towards the end of the session, explained Fathy.
Non-Arab foreigners were net-buyers for LE40.9 million, followed by Egyptians for LE15.6 million, while Arab investors were net-sellers for LE56.5 million.
Real estate shares were particularly active, with Six of October for Development and Investment Company (SODIC) topping the EGX30 in terms of both turnover value (LE96.1 million) and gains, rising 6.41 percent to trade at LE48.49 a share.
TMG Holding achieved a turnover of LE90.1 million, rising 3.46 percent to trade at LE10.46 a share.
Palm Hills Development Company, which saw a turnover of LE87.3 million, saw its share price gain 1.13 percent to reach LE4.47.
Market bellwether Commercial International Bank (CIB) was down 0.63 percent to trade at LE46.10.
In the telecom sector, Global Telecom Holding was up 0.97 percent to LE5.18, while state-owned operator Telecom Egypt inched down 0.07 percent to LE13.69.
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