Egyptian stock market sees modest gains

Ahram Online
Egyptian stock market sees modest gains
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Egyptian stock market

Egypt’s main EGX30 index inched up 0.14 percent registering 7,498 points on Tuesday, while the wider EGX70 index rose by a generous 2.17 percent.

Egyptian investors were the net buyers at a net value of nearly LE16 million ($2.3 million) while most sellers were Arab investors.

The daily turnover of listed stock was LE829.2 million ($119 million).

Telecom Egypt and Pioneers Holding, two of 96 gainers, both rose by 1.43 percent, closing at LE14.91 ($2.14) per share and LE9.21 ($1.32) respectively.

“Investors are likely anticipating Telecom Egypt’s 2013 results, which made LE2.4 billion ($344 million) in profits in the first nine months,” Ashraf Abdel-Aziz, head of institutional sales at the Cairo-based Arabia Online Securities, told Ahram Online.

Telecom Egypt also distributes its dividends in April, which yield is as high as 9 percent.

Pioneers Holding announced on Sunday plans to acquire the Saudi Arabia real estate company Roiyah.

Financial company EFG-Hermes and Eastern Tobacco both saw their shares decline. EFG-Hermes inched down 0.35 percent to close at LE11.36 ($1.63) per share while Eastern Tobacco fell 0.47 percent to close at LE156.87 ($22.5) per share.

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