Masress : Egypt bourse starts week stable despite regional slide

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Egypt bourse starts week stable despite regional slide
Egyptian retail buyers buoy stocks in the face of Arab selling in first session since OPEC decision to let oil prices fall

Ahram Online Published in Ahram Online on 30 - 11 - 2014

Egypt's bourse was stable on Sunday morning as Egyptian retail investors buoyed the market, while regional stocks faltered following an OPEC decision to let global prices slide.
The benchmark EGX30 index was up 0.05 percent by noon on Sunday to 9,330 points, as Egyptians were net-buyers to the tune of some LE53 million, while Arab investors were the main net-sellers at LE51 million.
Gulf markets saw heavy losses on Sunday, following Thursday's decision by OPEC to maintain oil export quotas in the face of falling global prices, as Dubai and Saudi financial markets both fell 5 percent.
“The market is holding itself despite gulf markets suffering from the drop in oil prices,” Mohamed Radwan, Head of Equities at Cairo-based Pharos Holding, told Ahram Online.
The real estate sector was the most affected by the selling, with TMG Holding down 0.49 percent to LE10.18, Six of October Development and Investment (SODIC) down 0.52 percent to LE15.26, and Palm Hills Development Company down 0.47 percent to LE4.3.
On the other hand retail-dominated stock Orascom Telecom Media and Technology Holding (OTMT) was the most traded with a turnover value of LE123 million, rising 2.31 percent.
“The company's recent board of directors decisions hinting at expanding into logistics and renewable energy sectors has whetted retail appetite for the stock,” said Radwan of OTMT.
Egyptian retail investors had bought a total of some LE233 million worth of shares by mid-session.
Radwan expects the market to eventually follow suit with the regional losses.
“The absence of catalytic news to push the market higher will mean that the market will begin to fall either later in today's session in the coming week, following regional markets,” said Radwan.
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