US economy contracts in Q1 '25    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    EGP closes high vs. USD on Wednesday    Germany's regional inflation ticks up in April    Taiwan GDP surges on tech demand    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Market Report: Egypt stocks up 0.5 pct on EFG-Hermes expansion
Investment bank's plans to enter Emirates' market boost its shares and help the main index roll back losses from recent Cairo violence
Ahram Online Published in Ahram Online on 03 - 05 - 2012

Egypt stocks edged back into the green on Thursday as steady interest in the financial services sector outpaced fears over recent political violence in Cairo and helped lift the market.
The benchmark EGX30 gained 0.46 per cent to close at 4,929 points, closely followed by the broader EGX70 index which rose 0.38 per cent.
"Some key stocks carried the market upwards, such as EFG-Hermes and Orascom Telecom and Media Technology [OTMT]," Mostafa Badra, a capital markets expert told Ahram Online.
Shares in investment bank EFG-Hermes were the day's most active, making up LE71 million -- or 22 per cent -- of the day's total trade, which reached LE318 million ($53 million).
EFG-Hermes stock surged 3.65 per cent to close at LE13.64 per share. The largest investment bank in the Middle East announced Wednesday that its subsidiary in the United Arab Emirates had managed to obtain a margin trading licence for the Emirati market.
OTMT also gained 0.72 per cent, continuing to ride the wave of the recent sale of connected mobile operator Mobinil to France Telecom.
Mobinil itself saw shares slip 0.13 per cent to close at LE194.95 apiece.
"Mobinil share prices are getting close tp the France Telecom buy price so investors are no longer as interested in [them]," Badra explained.
A mandatory tender offer from France Telecom to purchase 100 per cent of the issued capital of Mobinil at LE202.5 per share was recently approved. Mobinil shares rapidly rose from LE174 per share to near their current level in the aftermath of the news.
Non-Arab foreign investors were the main net-sellers in Thursday's session, with their LE63 million in trade making up a quarter of the day's turnover.
"Foreigners have been net-selling for the past few sessions. This could be a result either of profit-taking or a reflection of worries before the presidential elections on 23 May," Badra added.
Egyptian investors made up 63 per cent of the day's total turnover, net-buying LE39.5 million worth of stocks.
Orascom Construction Industries (OCI) gained 1.17 percent to close at LE276.67 per share.
The company's shareholders will vote on 17 May on a proposal to split the firm's construction and fertilisers businesses into two companies, a move designed to make both more competitive.
From the 175 shares traded on Thursday, 104 gained in value while 45 declined.

Clic here to read the story from its source.