Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt stocks hit 3-year high as Morsi trial passes calmly
Hopes of an economic revival were spurred by strong trading Wednesday, with Egypt's main index rallying amid general calm and an absence of feared violence
Ahram Online Published in Ahram Online on 06 - 11 - 2013

Egypt's stocks hit a whopping rise Wednesday as the country's streets remained calm, contrary to expectations of violence in the wake of the opening of the trial of ousted Islamist president Mohamed Morsi on Monday.
"All investors, whether foreign or domestic, were watching Morsi's supporters' reaction, and since it was relatively calm, they intended to make money," said Eissa Fathy, vice head of the securities division at the Cairo Chamber of Commerce.
Morsi was transferred to a maximum security prison in a remote desert area near Alexandria, Egypt's second largest city, after his trial was adjourned to 8 January. Monday marked Morsi's first appearance since his 3 July ouster. Between then and Monday's trial session Morsi had been held at a secret military facility.
Wednesday, Egypt's main EGX30 index reached its highest level in three years, according to Fathy, rising 2.3 percent to reach 6,370 points.
The daily turnover of listed securities was also the highest since January, reaching some LE941.7 million.
The broader EGX70 index gained 2.8 percent in a session that saw 145 stocks up out of 185 listed shares.
Market bellwethers Commercial International Bank (CIB) and Global Telecom rose three and 2.5 percent respectively, while Ezz Steel, the Middle East and North Africa's largest steel company, increased its share value by 3.7 percent.
"Blue chip shares saw gains due to foreign investors' high activity in today's session," Fathy told Ahram Online.
Foreigners ended Wednesday's trading as net buyers with some LE33 million, while Egyptians largely took profits, selling some LE7.1 million.
Juhayna Food Industries rose six percent after it reported a 28 percent increase in net profit for the first nine months of 2013.
Juhayna's net profit rose to LE308.2 million in the period through 30 September, with revenue rising to LE2.49 billion from LE2.11 billion a year earlier, the group said in a statement Monday.
Real estate developers continued their strong performance, led by Talaat Mustafa Group and Palm Hills Development that rose by two percent per each.
http://english.ahram.org.eg/News/85795.aspx

Clic here to read the story from its source.