Egypt's stock exchange maintained its upward trajectory on Wednesday after presidential spokesman announced Tuesday that the country expects a visit in the next few weeks from the International Monetary Fund technical committee. A delegation from the IMF visited Egypt on Monday to resume talks over a proposed $4.8 billion loan. The benchmark index rose by 1.08 per cent to 5,866 points. Daily turnover was slightly higher than last session reaching LE640.5 million. Foreign and Arab investors were net buyers recording net flows of L.E51.9 million and LE35.9million respectively while domestic investors closed as net sellers, with a net flow of LE87.86 million. Out of the 183 listed stocks traded on the day, 94 gained in value while 59 declined. Most of the blue chips registered gains over the day. Biggest market cap Orascom Construction Industries (OCI) gained 0.5 per cent. On the telecommunication sectors Telecom Egypt and Orascom Telecom Holding (OT) rose by 1.84 and 0.71 respectively. Commercial International Bank (Egypt) gained 2.79 per cent. CIB saw the highest turnover with some LE 93,2 million. Palm Hills Development Company followed in terms of turnover with more than LE66 million. The share gained 1.52 per cent. Broader index EGX70, mainly attracting local investors, rose by 0.23 per cent.
