Masress : Egypt stocks buoyed by political news at February's end

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Egypt stocks buoyed by political news at February's end
Main index rises 1.61 percent, thanks to encouraging political announcements

Ahram Online Published in Ahram Online on 27 - 02 - 2014

The Egyptian bourse rallied on Thursday on the back of a political announcement.
Stocks were buoyed by the announcement that an election law would be submitted to interim President Adly Mansour for approval no later than Saturday, paving the way for upcoming presidential and parliamentary elections.
This development has strengthened the confidence of local retail investors, Mohamed Radwan, director of international sales at Pharos Securities, told Reuters.
Egypt's main EGX30 index soared by 1.61 percent to sit at 8,127 points at the close of the week's final session, recouping losses caused by profit-taking in the previous session.
Egyptians were the main net-sellers to the tune of LE22.1 million, followed by Arab investors for LE6.8 million, while non-Arab foreigners were net-buyers for LE28.9 million.
Institutional investors accounted for over 23 percent of market activity in the session, which recorded LE1.06 billion in turnover.
Orascom Telecom Media and Telecom Holding led the ascent in the EGX30, achieving the highest turnover and rising 3.82 percent to record LE1.36 per share.
Market bellwether Commercial International Bank (CIB) rose by 0.63 percent to LE36.6 per share, while investment bank EFG Hermes rose 1.6 percent to trade at LE12.69 per share.
Global Telecom Holding climbed 1.22 percent to trade at LE4.97 per share.
In the real estate sector, TMG Holding gained 2.54 percent to LE8.06 per share, Palm Hills Development Company rose 1.78 percent to LE3.43 per share and Six of October Development and Investment Company (SODIC) climbed 1.68 percent to LE25.45 per share.
The broader EGX70 index also leaped 1.91 percent.
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