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Market Report: Leading shares push up EGX30
Egyptian stock's heavyweight shares maintain the upward trend of the main index as it records its highest value in six months
Bassem Abo Alabass Published in Ahram Online on 30 - 05 - 2011

Egyptians sales on profit taking were covered by an Arab buying spree. Egypt's bourse benchmark EGX30 index keeps on moving up, closing with a 0.76 per cent gain, compared to yesterday's great jump of 2.5 per cent, and recording 5.590 points, the highest value in six months.
"Leading shares of EGX30 push the index up," says Marian Azmy, financial analyst in HA securities.
CIB and OT are turnover leaders of the market with LE56 million and LE53.5 million respectively. This is reflected in an upturn in shares by 1.8 per cent and 0.16 per cent respectively.
OCI and CI Capital are among the main index boosters, rising by 1.6 per cent and 9.4 per cent respectively.
Of the 182 listed stocks, 80 experienced gains and 88 losses in a trading session worth LE574.8 million.
Arabs were the only net buyers (LE44.4 million) opposed to Egyptians and foreigners who were net sellers to the tune of LE33 million and LE11.4 million respectively
The broader EGX70 and EGX100 indices couldn't bear sales, especially when individuals were net seller of LE13 million. "Profit- taking was inevitable after several consecutive strong gains," adds Darwish. Azmy notices that sellers mainly off-loaded EGX70 stocks.
The real estate sector joins the southern direction list at the end of today's session due to the plunge in share price of heavyweights Palm Hills (2.1 per cent) and Sodic (0.5 per cent). The gains made by TMG (0.63 per cent) or Wadi Kom Ombo land reclamation (10 per cent) could not offset these losses.
"Real estate shares witnessed heavy selling pressure after outperforming the general market substantially over the last period," comments Omar Darwish, equity sales trader in CI Capital.
Basic Resources is another sector in the red today on the back of a decline in Ezz shares. Aldekhela fell by 2.5 per cent and the Steel arm of the business lost 3.2 per cent.

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