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Egypt stocks open up as Gulf Arabs pour billions into CBE
Hefty Arab Gulf aid deposits buoy market amid hopes that domestic unrest might be on the decrease
Ahram Online Published in Ahram Online on 21 - 07 - 2013

Egypt's stocks opened the trading week up Sunday, reflecting the arrival of Arab aid worth $5 billion from the United Arab Emirates (UAE) and Saudi Arabia, deposited in the Central Bank of Egypt (CBE).
The deposit at the CBE is part of $12 billion in aid that has been pledged by the oil-rich Gulf States of Kuwait, Saudi Arabia, and UAE.
According to Reuters, Egypt's stocks rose to a seven-week high Sunday as work began on amending the country's constitution, with sentiment also buoyed that weekend protests were less violent than feared.
The main EGX30 index rose 1.3 percent, recording 5,419 points with almost all the listed securities green.
Market's bellwethers Commercial International Bank (CIB), Orascom Construction Industries (OCI) and Orascom Telecom (OT) increased by 1.8, 0.1 and two percent respectively.
Domestic investors were net buyers of some LE17.2 million while foreigners were net sellers at some LE13.4 million.
Financial services stocks Citadel Capital and EFG-Hermes did well, surging 2.5 and 2.8 percent respectively.
Property shares Talaat Mostafa Group and Palm Hills Development soared by two percent per each.
The broader EGX70 index was up two percent in a session that saw a daily turnover of listed securities worth LE280.6 million.
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