Egypt's main index closes on a rise of 1.7 per cent with 5,558.64 points due to low share prices, which made foreign investors net buyers by LE11.7m Shares of "anti-revolution" companies return to lead the market, represented by Ezz shares, which continue moving on (Porcelain: 4.3 per cent, Aldekhela: 7.7 per cent and steel: 7.4 per cent), Sodic, Palm Hills and T.M.G continue to rise by 7.9 per cent, 8.1 per cent and 4.4 per cent, respectively. “Attractive share prices and the increase of purchasing power prompt this jump” comments Mohamed Khalf Allah, a Capital Securities financial analyst. “In the last 7 minutes of the session the sales offers for Palm Hills share reached zero,” he adds Constructions, banks, real estate and basic resources are the main sectors that ended on a green note. OCI and OT went up after profit-taking processes on Thursday to 0.05 per cent and 2.3 per cent, respectively. Egyptian are net sellers by LE308 thousand. “Egyptians are not a long-term investors, like foreigners, and that's why we see them as net sellers after only one week as buyers” explains Marian Azmy, and HA Securities financial analyst. Of the 183 stocks listed, 168 showed gains, 13 declined and 2 remained unchanged. Total turnover was LE499,165m in the first session of normal hours, trading from 10:30am to 2:30pm. In negative territory, Torah Cement and Suez Cement recorded a decline by 9.9 per centand 9.1 per cent for the first time after straight gains along last week. The sharp dip of the two shares is due to “the process of profit-taking” or “maybe the rumour of worker sit-ins in the company affected shares” speculates Khalf Allah to Ahram Online. Torah Cement trade unionists lead the fight against corporate corruption, demanding a 10 per cent profit share, as the law stipulates. The trade unionist's battle at Torah Cement, a unit of the Suez Cement Group Companies (SCGC), continues in spite of administrativeresistance. SCGC is a subsidiary of the multinational Italcementi Group, the world's fifth largest cement-maker. The Egyptian firm provides theItalian group, according to Reuters, with its third largest market by revenues, after France and Italy. The 1,000-strong work force is still exhausting every possible avenue to attain their rights to the 10 per cent profit share in Torah Cement, including numerous sit-ins over the past few weeks, many negotiations and legal proceedings with both the company's management and the labour ministry. On Tuesday, 15 March a delegation of 11 trade unionists from Torah Cement were attacked by thugs at the Airport Sheraton Hotel after trying to attend the SCGC's general assembly, which typically consists of the firm's board of directors, trade unionists and government representatives - as the government still maintains a stake. In a broader picture of the stock market, EGX70 edged up 5.5 per cent. “It needs strong pessimism or a collective decision to bend this” comments Marian. Individual trading exceeded that of institutions' to reach 55.9 per cent.
