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Egypt's market up on El-Sisi speech Several stocks close in the black a day after El-Sisi's speech, in which he said he would run for president should the people 'request it'
Egypt's stock market significantly rose on Sunday following a call by Defence Minister Abdel Fattah El-Sisi for citizens to take part in the referendum. The benchmark index EGX 30 increased 2.03 percent to 7,116 points. Listed stock turnover exceeded LE1 billion for the first time in months. "This is one of the few times turnover exceeded LE1 billion since the 2011 revolution, marking confidence of investors that pre revolution stability would follow the referendum," Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce, told Ahram Online. In a speech on Saturday General Abdel Fattah El-Sisi called on Egyptians to "uphold their national duty by voting in large numbers" in the draft constitution referendum. El-Sisi also said that he would consider running for presidency if it were "at the request of the people." Non-Arab foreign investors were net buyers at LE8.6 million. Turnover was also influenced by the return of foreign investors mainly due to Fitch upgrade for Egypt, said Fathy. Last week, Fitch Ratings upgraded Egypt's economic outlook from negative to stable. Out of 181 traded stocks 124 gained and 39 declined. EFG-Hermes was at the top of EGX 30 rising by 9.7 percent with a closing price of LE10.74 per share. "The increase in EFG-Hermes share price remains a consequence of their buyback programme and would remain in effect until the end of the first phase." said Fathy. Last Thursday EFG-Hermes announced it approved a buyback programme returning LE1 billion to shareholders. The first phase of the deal amounts to LE425 million and is planned to be implemented within the next four week while the second phase should be expected around the third quarter. Pioneers Holding also increased by 5.89 percent to close at LE6.47 per share. In the real estate sector, TMG Holding was up 2.93 percent to LE6.68, Palm Hills rose by 3.27 percent to LE2.84 and Six of October Development went up 2.05 percent to close at LE23.39. Juhayna Food Industres inched down 0.95 to close at LE15.63 per share despite the announcement of a new project in Upper Egypt. "Juhayna's share price rose around 400 percent in the last year. By now, investors see the share is settling and are looking for replacement," Fathy said. Arabia Investments Development Financial Investments Holding Co also declined 2.73 percent to close at LE1.78 per share. http://english.ahram.org.eg/News/91420.aspx
