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Egypt stocks slightly edge on a slow Ramadan day With a turnover of around LE170 million, Egypt's stock market still suffers from low activity during the holy month
Egypt stocks started the trading week on slight gains as trading volumes continue to be tumble, affected by the low season in the holy month of Ramadan. The main EGX30 index saw its value rise by a meager 0.12 per cent to sit at 4,759 points. Turnover reached LE170 million, with 88 shares gaining and 44 dropping in share price. Orascom Telecom and Media Technology was the most active share in today's session, gaining 6 per cent and marking LE58 million in turnover. Egypt's largest investment bank, EFG-Hermes, registered LE22 million in turnovers, dropping 0.93 per cent in value to close at a share price of LE10.65. Hermes continues to be affected by the troubles its joint venture with Qatar's QInvest with the Egyptian Financial Supervisory Authority (EFSA) declined to approve on Thursday. EFSA rejected decisions approved by EFG shareholders last month because the firm did not clarify points including minority rights, state news agency MENA reported on Wednesday.EFSA stated that additional disclosure was necessary before any possible deal could be given the green light. As it is the trend on Sundays, Egyptian investors dominated the session, with almost 90 per cent of total trade. There were the main net buyers at LE1.2 million. Similarly, institutions made a week showing on Sunday as opposed to individual investors who made up 87 per cent of the session's already week volume. Largest caps, Orascom Constructiion Industries (OCI) and Commercial International Bank (CIB) saw weak activity with the first dropping 0.48 per cent and the latter gaining 0.66 per cent.
