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Egypt stocks up 0.5 pct on Sunday, turnover recovers End of the holiday season gives Egypt's equities market a boost as daily turnover rises to LE459 million
Egyptian stocks finished Sunday up amid cautious optimism over the country's economy, with the benchmark EGX30 gaining 0.51 per cent to close at 5,242 points. Turnover reached LE459 million ($76.5 million), marking a significant improvement on the weak activity the market saw during the Ramadan and Eid holidays. The broader EGX70 index climbed 1.29 per cent to close at 478 points. Investment bank EFG-Hermes was the day's most active firm, seeing LE54 million in turnover and gaining 0.86 per cent to close at LE11.72 per share. Orascom Telecom and Media Technology (OTMT) was in second place, seeing LE34 million in trade. Its shares gained 1.72 per cent amid speculation over a new deal involving the firm's streamlined assets. Commercial International Bank, Egypt's largest private bank, saw its share price edge up 0.73 per cent to close at LE29.07 apiece. Egyptian investors dominated the session with 82 per cent of total volume, net-buying a total of LE7.2 million.Non-Arab foreign investors contributed 10 per cent of the day's total activity. Individual investment still make up the bulk, some 77 per cent, of trading activity. From the 181 shares traded on Sunday, 135 gained in value while 34 dipped. Over the last week, the market has eased into a period of relative stability following President Morsi's shake-up of Egypt's military leadership. New loan negotiations between the Egyptian government and the International Monetary Fund (IMF) have also boosted confidence in the prospects of the country's short-term economic performance.
