The Egyptian Exchange (EGX) indices ended Thursday’s session on an up note powered by the buying tendency of Arab and foreign traders.
Benchmark index EGX30 rose 2.12% - the biggest daily gain in more than seven weeks – to close at a two-month high of 8744.39 points.
Similarly, the small and mid-cap index EGX70 added 0.56% or 3.48 points to 619.72 points and the broader index EGX100 advanced 0.63% to 1095.57 points.
The stock exchange saw strong buying among Arab and foreign institutions, which pushed the market higher to its highest levels in nearly two months, said Ehab Rashad, CEO, MubasherTrade.
Foreign and Arab traders were net buyers by EGP 101 million and EGP 23.4 million respectively, while national traders were net sellers by EGP 125.2 million.
CIB stock was the main driver for the market rally today powered by strong Q1 earnings, Rashad added.
CIB jumped 4.19% to EGP 40.74, after the bank reported 30.8% growth in H1 consolidated net profit to EGP 1.737 billion, compared with EGP 1.329 billion in H1-13.
Rashad expected calm trading during Sunday’s session, adding that the market will likely target 8800-8900 area after Eid ul-Fitr vacation.
The EGX management announced today that it will be closed from Monday, July 28 till Wednesday, July 30 on the occasion of Eid ul-Fitr holiday. The stock market will resume work on Thursday, July 31, 2014.
EFG-Hermes stock climbed 2.22% to EGP 15.66, powered by the news that EFG sold treasury shares to a wholly-owned subsidiary at a total value of EGP 566.2 million.
International Investment was the top mover to the upside, soaring 8.37% to EGP 15.54. It was followed by Egytrans that jumped 8.04% to EGP 15.46, then TransOceans that rose 7.69% to $0.14.
On the negative front, Alexandria New Medical Center was the biggest loser, with a plunge by 9.57% to EGP 34.5. General Silos took the second position, falling 3.57% to EGP 22.18, followed by Pyramisa that lost 2.04% to EGP 25.51.
Amer Group was the most active with a traded volume that exceeded 39.4 million shares, exchanged at turnover of more than EGP 55.38 million. The stock rose 2.19% to EGP 1.4, fueled by the news that the company’s board approved the increase of issued capital to EGP 1.367 billion, to be financed from reserves.
Benchmark index EGX30 rose 2.12% - the biggest daily gain in more than seven weeks – to close at a two-month high of 8744.39 points.
Similarly, the small and mid-cap index EGX70 added 0.56% or 3.48 points to 619.72 points and the broader index EGX100 advanced 0.63% to 1095.57 points.
The stock exchange saw strong buying among Arab and foreign institutions, which pushed the market higher to its highest levels in nearly two months, said Ehab Rashad, CEO, MubasherTrade.
Foreign and Arab traders were net buyers by EGP 101 million and EGP 23.4 million respectively, while national traders were net sellers by EGP 125.2 million.
CIB stock was the main driver for the market rally today powered by strong Q1 earnings, Rashad added.
CIB jumped 4.19% to EGP 40.74, after the bank reported 30.8% growth in H1 consolidated net profit to EGP 1.737 billion, compared with EGP 1.329 billion in H1-13.
Rashad expected calm trading during Sunday’s session, adding that the market will likely target 8800-8900 area after Eid ul-Fitr vacation.
The EGX management announced today that it will be closed from Monday, July 28 till Wednesday, July 30 on the occasion of Eid ul-Fitr holiday. The stock market will resume work on Thursday, July 31, 2014.
EFG-Hermes stock climbed 2.22% to EGP 15.66, powered by the news that EFG sold treasury shares to a wholly-owned subsidiary at a total value of EGP 566.2 million.
International Investment was the top mover to the upside, soaring 8.37% to EGP 15.54. It was followed by Egytrans that jumped 8.04% to EGP 15.46, then TransOceans that rose 7.69% to $0.14.
On the negative front, Alexandria New Medical Center was the biggest loser, with a plunge by 9.57% to EGP 34.5. General Silos took the second position, falling 3.57% to EGP 22.18, followed by Pyramisa that lost 2.04% to EGP 25.51.
Amer Group was the most active with a traded volume that exceeded 39.4 million shares, exchanged at turnover of more than EGP 55.38 million. The stock rose 2.19% to EGP 1.4, fueled by the news that the company’s board approved the increase of issued capital to EGP 1.367 billion, to be financed from reserves.
Source:
Mubasher Exclusive
