CAIRO: Egypt s benchmark index rose on Tuesday as institutional investors bought up shares in blue chip stocks, encouraged by a rebound on European stocks. European stocks were slightly up about midday, led by pharmaceutical and telecoms shares. Volume was relatively good compared to the past couple of weeks. Activity was mainly on the blue chips like Orascom Telecom (OT) and Orascom Construction Industries (OCI), said Karim Hosny of Pharos Securities. Institutional investors made up more than 45 percent of Tuesday s turnover of more than LE 870 million ($157.4 million), with non-Arab foreign investors accounting for a hefty 24 percent of that figure. Both local and foreign institutional activity has increased, said Mohamed Tawfiq of Delta Rasmala Securities. Turnover was heavily focused on blue chips including OT, OCI and Commercial International Bank (CIB). OCI, which is continuing a share buyback plan, rose 0.42 percent to last trade at LE 121.90 a share, while OT, which announced on Sunday it had begun mobile services in North Korea, saw its shares gain 1.82 percent to LE 28. Both shares are heavily weighted on the benchmark index. CIB s shares last traded 1.68 percent higher at LE 34.50 per share. Appliance maker Olympic Group, which on Monday said it would seek to buy back up to 3 million shares, last traded 8.7 percent higher at LE 23.50. The company said on Tuesday it would be buying the shares back between Dec. 18 and Jan. 17. The benchmark CASE 30 index closed 1.56 percent higher at 4,434.97 points, while the rival Hermes index was up 1.4 percent at 411.66 points. The broader CIBC index was almost flat at 282.5 points.
