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Egypt's stocks rise slightly as foreigners buy Egyptian stock exchange gained 0.55 per cent on Thursday's trading session, with foreign and Arab investors picking up almost LE4 and LE3 million worth in shares
Egypt's stock market continued its upward trend for the second day on Thursday, ending the week in the green as foreign investors finished as net buyers. Egypt's main benchmark EGX30 index rose by 0.55 per cent recording 5, 606 points. The broader-based EGX70 also rose by 1.75 per cent. Out of 170 traded stocks, 137 shares registered gains while only 12 suffered losses. Blue-chip stock Orascom Construction Industries (OCI) grew by 0.31 per cent. Turnover registered a mild LE473 million, indicating foreign investors remain cautious in light of the political situation in Egypt, and is still a long way from pre-revolutionary rates. Egyptian investors were net sellers for the day, selling off LE8 million worth of shares. Foreign and Arab investors were the highlight of the day, as they were net buyers picking up almost LE4 and LE3 million worth of shares. The banking sector was expected to boom, as Egypt's central bank agreed on Qatar National Bank's (QNB) acquisition of National Societe Generale's Egypt (NSGB) unit on Thursday. However, its performance was disappointing. NSGB recorded a slight rise of 0.88 per cent while Commercial International Bank (CIB) tumbled by 0.73 per cent. http://english.ahram.org.eg/News/63762.aspx
