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Market Report: Egypt stocks see shallow rebound Selected high-caps see the gains in tentative Wednesday trade, nudging the main index 0.7 per cent into the green
Egyptian shares see-sawed back into the green Wednesday, the EGX30 main index edging up 0.7 per cent to reach 4,664 points on a modest uptick in interest in major construction and telecom firms. "The increase in prices of Egyptian blue-chips was the main reason for the climb," financial analyst Wael El-Nahas told Ahram Online. The stock market has been fluctuating between gains and losses for the past four days as tensions rose between Israel and Egypt over the killing of five Egyptian soldiers in the Sinai. "Nothing is clear," said Nahas. "There is a large cloud veiling the vision of investors and no-one knows what the trend of the market will be in the coming days." From 178 listed stocks traded today, 109 gained while 49 finished in the red. Market turnover was LE292.7 million, a slight improvement on Tuesday's performance when trade volume fell to its lowest in some six years. The broader EGX70 and EGX100 indices also gained 0.09 and 0.2 per cent respectively. Subdued net-buying of stock by Egyptians and foreigners saw them bag LE1m and LE9.6m respectively. Conversely, non-Egyptian Arabs were net-sellers of LE10.7m. For the third consecutive day, the most sustained activity was in Pioneers Holding which closed up 1 per cent, a performance mirrored by several other high-cap stocks like the Commercial International Bank (CIB) which rose 2.3 per cent on turnover of LE33m. Orascom Construction (OCI) made a tentative return to the green after a week down, edging up just 0.1 per cent, although its sister company, Orascom Telecom, dipped 0.2 per cent. Telecom Egypt was the only winner in communications sector, rising 1.4 per cent. Egyptian Resorts surged 4 per cent on news that the real estate company, in their joint venture with Orascom Development Holding, will start construction on Sahl Hashish marina later in the year. Troubled firms like Ezz Steel, Palm Hills Development and SODIC all benefited from the mild upswing, gaining 0.2 per cent, 1.1 per cent and 1.5 per cent respectively. Top loser, on the other hand, was high-cap food producer Ajwa, whose 3.5 per cent decline brought the whole food and beverage sector low. Delta Sugar was the exception, gaining 0.65 per cent on the news that Misr Insurance had recently acquired a 6 per cent stake in the firm at LE21.35 per share.
