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Qatar's eye on Egypt banks drives up shares 1.7pct
Egypt's main index starts week on a high recording 5,425 points, as banking and property sector enjoy significant gains
Ahram Online Published in Ahram Online on 02 - 09 - 2012

Egypt's stocks rose at the close of the week's starting session, unusually bolstered by the banking sector as its shares recorded high gains.
The main index EGX30 climbed by 1.7 per cent recording 5,425 points despite both Egyptian and foreign investors net-selling at LE8.2 million and LE22.3 million respectively.
“For Egyptians it's not more than profit-taking, while foreigners are still not sure about the country's economic situation,” said market expert Mostafa Badra.
Badra explained that the Egyptian government is drying up local liquidity through borrowing from commercial banks, driving interest rates to un-sustainable levels. In August the government issued euro dominated T-bills for the first time, selling €513 million (some $642 million) worth of bills at an average weighted yield of 3.2 per cent.
Arabs were the only net-buyer in today's session with LE30.5 million, which pushed up several shares in the banking sector and real estate.
The only heavyweight share to undergo profit-taking on Sunday was Orascom Telecom (OT) which dipped 0.5 per cent.
Commercial International Bank (CIB) and National Société GénéraleBank (NSGB) led the gainers up 5 per cent and 10 per cent respectively.
On Sunday, Qatar National Bank (QNB), the state lender seeking to boost its regional presence through acquisitions, hired J.P. Morgan Chase to advise them on a planned buy of Société Générale's Egyptian arm, three sources said.
SocGen is in early talks with QNB to sell its 77.2 per cent stake in NSGB - the Egyptian lender which has a market value of around $2.3 billion - as the French bank seeks to shore up its capital through divestments.
Property share Talaat Mostafa Group (TMG), Palm Hills Development (PHD) and Six of October Development and Investment (SODIC) all saw significant rises of 1.5 per cent, 3.5 per cent and 4.7 per cent respectively.
The blue-chip Orascom Construction Industries (OCI) gained 0.2 per cent.
Of listed 178 stocks, 125 rose and 46 declined in a session that saw a total daily turnover of LE619 million.

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