Egypt stocks finished in the green today fuelled by foreigner investors' activity in major shares. EGX30 gained 0.81 per cent to close at 4,050 points, as foreigners' share of trading rose to 48 per cent of the day's LE314 million total, exceeding Egyptian activity which stood at 42 per cent. "Major activity was seen on three or four shares that witnessed ownership changes mainly by foreign investors," said Ashraf Abdel Aziz, head of institution sales at Arabeya Online Securities. Orascom Construction Industries (OCI), Commercial International Bank (CIB) and EFG Hermes combined to make up almost 50 per cent of the day's trade, at LE64 million, LE50.7 million and LE40.9 million, respectively. “Prices of these shares were at very desirable levels that lured investors trade them,” Abdel Aziz added. OCI pulled the market upwards, making up 20 per cent of total trading, and gaining 3.5 per cent to close at LE215.83 per share. CIB and EFG Hermes, on the other hand, dropped by 0.17 and 1.99 per cent respectively. Foreigners were net sellers at LE38 million, while Egyptians and Arabs were net buyers. The EGX30 rose to 4,075 points by 11:30 am before it began to falter and ease its gains. "There wasn't a dominant trend in the market, some shares gained in the morning then dropped, other witnessed the opposite," Abdel Aziz explained. Egypt's ruling military council held a lengthy press conference on Wednesday, aiming to explain Sunday's clashes in central Cairo between the armed forces and mainly Coptic protesters which left more that left 26 dead and hundreds injured. Abdel Aziz believes the controversial briefing has no effect on the day's trading. "The conference started after the session was concluding. But in general, the fact that channels of communication are open between the military and the people is good for the market." EGX70, the broader index, saw a milder growth of 0.38 per cent. "EGX70 saw a sizable increase yesterday so it was normal that it would cool down today,” Abdel Aziz said. "Also, institutions were dominating trade today, and they aren't involved heavily in EGX70 stocks." From the 174 stocks traded on Wednesday, 93 gained while 62 dropped. Ezz Steel was among major losers dropping 2.97 per cent to close at LE5.56 per share. Pioneers Holding and Citadel Capital drove the financial sector upwards gaining 2.94 and 1.94 per cent respectively.
