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Bourse closes year down whopping 49.28% EGX30 records 1 per cent rise in 2011's final session having lost almost half its value in year marked by uncertainty
The benchmark EGX30 index rose 1 per cent on Thursday to close the day's session at 3,622 points. The broader-based EGX70 and EGX100 indices, meanwhile, rose by 2.25 per cent and 1.94 per cent respectively on an end-of-year buying spree on the part of local investors. “Selling pressure regressed after prices reached very low levels following a sustained period of selling, coupled with relative political calm,” said Ashraf Abdel Aziz, head of institutional sales at Cairo-based Arabeya Online Securities. The rise was sustained by attempts by investment funds to boost the value of their holdings at years-end by purchasing shares in companies in which they are invested. Abdel Aziz refrained from making predictions about next year's market performance. “The stock market won't only be affected by companies' performances or financial positions, but also by Egypt's ongoing political process,” he said. Mass rallies planned for 25 January marking the one-year anniversary of Egypt's revolution have also raised concerns among investors who fear another round of clashes between anti-government demonstrators and security forces. Egyptian investors were net buyers for the day, while foreign traders went from net buyers to net sellers in the final minutes of Thursday's trading session. Total daily turnover, meanwhile, stood at a modest LE154.5 million. According to Abdel Aziz, however, the day saw a handful of major transactions – including sales of Mobinil and B-Tech stock – that were not factored into the day's total turnover. Institutions, meanwhile, represented net buyers for the session, recording net purchases of LE6.5 million. Of 180 stocks listed on the exchange, 142 finished the day in the green, while 24 fell in value. The exchange's biggest market cap, Orascom Construction Industries (OCI), rose by 0.64 per cent, while fixed-line provider Telecom Egypt (TE) increased by 1.46 per cent. Commercial International Bank (CIB), meanwhile, fell by 0.32 per cent. Of the market's 17 sectors, 12 ended the year up while five remained unchanged. At the close of Thursday's session, no sector was in the red. Despite ending 2011 on a positive note, however, Egypt's stock exchange nevertheless closed the year down by a whopping 49.28 per cent.
