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Foreigners lift local stocks
The Egyptian Gazette Published in The Egyptian Gazette on 04 - 03 - 2018


By: Ahmed Kamel
CAIRO, March 4, 2018 - Boosted by a foreign bullish sentiment, most of the local stocks rose in high liquidity. Foreign fund managers injected fresh liquidity into a number of selected shares.
The benchmark index EGX30 rose by 0.49 per cent to close at 15,519.55 points. The broader indices EGX70 and EGX100 added 0.37 and 0.1 per cent to 864.75 and 2,108.16points.
Volume totaled LE1.47 billion (around $83.5million, market data showed. The market capitalisation rose to LE892.54 billion up fromto LE892.28 billion the previous trading session.
Locals were net sellers of LE256.67 million, bourse data showed. Arab and non-Arab investors were net buyers of LE11.9 million and LE244.76 million respectively.
Non-Arab institutions alone were net buyers of LE223.4 million, market data showed.
The EGX50 and EGX20 capped indices gained 0.04 and 0.83per cent to 2,698.82 and 15,289.44 points respectively. Of a total 186tradedstocks yesterday 82 shares rose, 62 fell, 42 remained unchanged, market data showed.
Investment bank Pharos recommended an increase in the weight of Madinet Nasr for Housing and Development in the investment portfolio with the stock's fair value at LE15.7.
The real estate developer sold 1,978 units worth LE5.1 billion in 2017, according to a company statement.
Investment bank Naeem set the fair value of Al Ezz Dekheila Steel Company at LE923 per share with a 'hold" rating.

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