Egypt fast-tracks recycling plant to turn Suez Canal into 'green canal'    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    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.



Egyptian stocks advance after 22% plunge
Bloomberg Published in Almasry Alyoum on 03 - 04 - 2011

Egypt stocks climbed to the highest level since January, led by Six of October Development & Investment (OCDI) Co., on investor speculation declines in real-estate shares last month were overdone given growth prospects.
Six of October, a luxury developer, jumped 8 percent, trimming the drop since trading resumed 23 March after an almost two-month suspension to 15 percent. Palm Hills Developments SAE (PHDC), a Cairo-based property company, gained for the first time in 10 trading days. Egypt's EGX 30 Index (EGX30) advanced 1.7 percent to 5,558.64 at the 2:30 pm close in Cairo. The index has lost 1.6 percent since trading resumed. Dubai's measure fell today, while Israel's benchmark index rose 0.8 percent.
“Real-estate stocks are attractive as they have become extremely discounted,” said Ashraf Akhnoukh, senior equity sales trader at Cairo-based Commercial International Brokerage. “The sector was the worst performer since the market resumed trading.”
The EGX 30's 22 percent plunge this year has left the index valued at 1.5 times book value, compared with about 1.9 times at the end of 2010, data compiled by Bloomberg show. Palm Hills has tumbled 43 percent since trading resumed and Talaat Moustafa Group (TMGH) Holding, Egypt's biggest publicly traded real-estate developer, has slumped 28 percent. Neither the EGX 30 nor the broader EGX 100 have subindexes, according to data on Bloomberg.
Trading in Egypt was halted since the end of January until last month amid protests that ousted former president Hosni Mubarak in February.
Amer Group Holding (AMER), which develops hotels, malls and restaurants, gained 4.4 percent today to 1.44 pounds, trimming the drop since the end of January to percent. Beltone Financial initiated the shares with an “add” recommendation and a price estimate of 2.8 pounds. “The stock has been over- penalized,” Beltone analysts Harshjit Oza and Ahmed Khalil wrote in a note 31 March. “The stock offers an attractive risk reward at the current price.”
Six of October soared to 68.46 pounds. Palm Hills surged 8.1 percent, the most since March 2009, to 2.79 pounds and Talaat rose 4.4 percent to 4.73 pounds.

Clic here to read the story from its source.