Egypt's stocks rebound over IMF deal
The stock marker in Egypt responded positively to the news of the IMF deal
Click here to add Arabeya Online Securities as an alert
Disable alert for Arabeya Online Securities,
Click here to add Ashraf Abdelaziz as an alert
Disable alert for Ashraf Abdelaziz,
Click here to add Cairo as an alert
Disable alert for Cairo,
Click here to add Commercial International Bank as an alert
Disable alert for Commercial International Bank,
Click here to add International Monetary Fund as an alert
Disable alert for International Monetary Fund,
Click here to add Orascom Construction Industries as an alert
Disable alert for Orascom Construction Indus ...,
Click here to add Orascom Telecom as an alert
Disable alert for Orascom Telecom,
Click here to add Six of October Development as an alert
Disable alert for Six of October Development,
Click here to add Talaat Mostafa Group as an alert
Disable alert for Talaat Mostafa Group
Egypt stocks soared during Wednesday trading as the success of the government in reaching agreement with the International Monetary Fund on a $4.8 loan Tuesday positively affected investors' behaviour.
The benchmark EGX30 gained by 1.8 per cent to close at 5,482.13 points in a session that saw a daily turnover recording some LE376 million.
"The stocks rise was expected. News spread in the market that Egypt had reached an initial loan agreement with the IMF, and had an extended influence on today’s session," Ashraf Abdelaziz, head of institutional sales at the Cairo-based Arabeya Online Securities, told Ahram Online
Foreign investors positively received news of the IMF loan, ending trading as net-buyer with some LE11.6 million.
On the other hand, domestic investors seemed affected by ongoing clashes in Cairo between security forces and protesters ostensibly marking the first anniversary of the Mohamed Mahmoud Street battle of 2011. Domestic investors were net-sellers at LE15.5 million.
Market blue chips Orascom Construction Industries (OCI) and Commercial International Bank rose by 0.5 and 2.7 per cent respectively.
Telecommunication shares gained Wednesday headed by Orascom Telecom, up 2.2 per cent. Telecom Egypt also rose by 2.38 per cent.
Property shares in Talaat Mostafa Group and Six of October Development and Investment Company (SODIC) rose by 2.2 and 0.8 per cent respectively.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?