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Egyptians' optimism leads bourse to rebound in green Egypt's stock market resumed its gains streak on Thursday as optimism among Egyptian investors about the future of the economy continues to instigate buying
The main EGX30 index grew 0.45 per cent to sit at 5,332 points and turnover reached LE664 million ($111 million). Profit taking had slowed the market's growth on Wednesday, causing it to slip a fraction, only to carry on growing today. "The market works on expectations and with the political stability and the possibility of an International Monetary Fund loan, the future of the economy seems bright," Walaa Hazem asset manager at HC Securities explained. Hazem drew compared the current performance of the Egyptian market with its state following the 2011 uprising. "Back in early 2011, the economy was definitely in a better shape than now, but the expectations were worse," Hazem added. The market dropped over 2,000 points in 2011 as the political and economic prospects of Egypt was at the height of its uncertainty. Investment bank, EFG Hermes, clinched the lion's share in today's session, marking LE99.5 million ($16.5 million), gaining 3.5 per cent to close at LE12.13 per share. The company announced it held a general shareholders meeting on Wednesday, where it discussed approval of the investment bank partnership with Qinvest in Hermes' Qatari operations. While the company's general assembly did not approve the venture with the Qatari counterpart, the occurrence of the meeting in itself sent a positive message to traders driving the share up. Egyptian investors dominated the trade, making up 77 per cent of the session's volume, net-buying at LE50.5 million. Non-Arab foreign investors mirrored Egyptians perforamance, net-selling at LE52.5 million, contributing 16 per cent to the session's total turnover. Out of 186 shares traded on Thursday, 155 gained value while 21 dropped. Orascom Telecom Holding (OTH), was the second most active share in today's session, marking LE60 million, and dropping 0.27 per cent to close at 3.64 per share. Private equity firm, Citadel Capital, saw a turnover of LE35 million, gaining 3.92 per cent. Palm Hills development, Egypt's second largest listed firm, gained 1.8 per cent to close at LE2.26 per share. Commercial International Bank, the share set the tone for the market over the course of the past week, saw LE34 million in turnover and dropped a meagre 0.13 per cent. http://english.ahram.org.eg/News/51661.aspx
