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Market Report: Egypt's benchmark edges up on high-cap activity Ezz Steel and Palm Hills push against an otherwise stagnant market, their quick gains helping the bourse maintain its pace
Egypt's stock market rose 0.12 per cent on Sunday, with the benchmark EGX30 index reaching 5,511 points in the week's opening session on the back of high trade in several leading shares. “It was a flat session with a very slightly upsurge,” says Walaa Hazem, asset manager at HC Securities. Trade in shares of controversial Ezz Steel helped rescue the session, being responsible for the highest proportion of turnover -- LE27.1 million -- and finishing up 1.9 per cent. Palm Hills shares surprised the market by surging 3.5 per cent on solid turnover of LE22.3m. This compared favourably to its rivals TMG and SODIC which were down 0.4 per cent and 0.1 per cent respectively. “Both Ezz and Palm Hills were among the worst performers since the beginning of the year. Their prices are becoming more attractive then ever,” Hazem tells Ahram Online. It marks the second time the two companies have seen this trading pattern since the market reopened in late March. In April, shares of 'anti-revolutionary' companies returned to lead the market and attained unexpected highs. The phenomenon was best represented by shares in firms owned by imprisoned tycoon Ahmed Ezz, which at various points saw record daily growth: Ezz Porcelain by 4.3 per cent; Al-Dekhela by 7.7 per cent and Ezz Steel by 7.4 per cent. Real estate firms saw similar single-day climbs, with Sodic, Palm Hills and TMG rising 7.9 per cent, 8.1 per cent and 4.4 per cent respectively. Heavyweight shares in CIB pushed the bank sector into the green, with it rising 0.17 per cent on relatively high turnover of LE 12m. Of 184 listed stocks, 87 gained value and 85 declined in LE428.1million (US$72.5mn) of total equities trades. Arabs were the only net-sellers; off-loading LE 28mn in shares, while Egyptians and foreigners were net-buyers of LE 12.2mn and LE 15.6mn respectively. Foreigners represented a tiny 9.4 per cent share of the market, on the final day of their weekend. Orascom Construction Industries (OCI), slid 0.4 per cent, a classic profit-taking switch, after its upsurge of 4 per cent in Thursday's session. The broader indices EGX70 and EGX100 also continued the bullish trend, up 0.16 per cent and 0.08 per cent.
