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Egypt stocks in the green as foreign investors buy Impending formation of caretaker government and Gulf aid pledges push main index up 0.61 percent despite pro-Morsi weekend rallies
Egypt's main index closed up 0.61 percent to sit at 5,308 after dropping as much as 0.7 percent in the first half hour of trading. Meanwhile the EGX 70 index was down 0.17 percent at the end of the session, while the EGX 100 index closed up 0.11 percent. "The market's performance is inconsistent because it is affected by contradicting factors," Ashraf Abdel Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, tells Ahram Online. "On the positive side, you have the aid pledges from the Gulf and the impending formation of the interim government, and on the other hand the persistence of street protests is having a negative impact on the market." Egypt's new Prime Minister Hazem El-Beblawi, told state news agency MENA on Saturday that he is putting the finishing touches to a cabinet that will be finalised by mid-week. El-Beblawi heads a caretaker government which was ushered into power by the country's armed forces after mass demonstrations led to the ousting of Islamist president Mohamed Morsi. Last week, Gulf Arab states, including Saudi Arabia, the UAE, and Kuwait, pledged $12 billion in aid to bolster Egypt's faltering economy, in a show of support for the regime change. Non-Arab foreigners made a modest comeback as net buyers for LE6.7 million while Egyptians, who now account for 80 percent of the market, were net sellers, along with Arab investors. Hundreds of thousands of supporters of the ousted president gathered at Rabaa Al-Adawiya Mosque in Cairo's Nasr City district over the weekend, where their comrades have been holding a sit-in since 28 June. In the real estate sector, Six of October Development & Investment (SODIC) andPalm Hills Development Company were decliners, by1.69 percent and 1.63 percent respectively, while TMG Holding was up 0.87 percent. Orascom Telecom fell 0.69 percent. Blue chip Orascom Construction Industries rose 1.12 percent, and Commercial International Bank was up 1.45 percent. Total turnover was relatively weak, reaching only LE239 million. http://english.ahram.org.eg/News/76460.aspx
