Pre-Eid Egyptian stocks see a boost over IMF visit
The Egyptian stock market see a pre-Eid boost on positive news on the IMF visit
Create alert for CairoCairo,
Create alert for Arabeya Online SecuritiesArabeya Online Securities,
Create alert for National Societe Generale BankNational Societe Generale Bank,
Create alert for EGX30EGX30,
Create alert for International BankInternational Bank,
Create alert for Ashraf Abdel-AzizAshraf Abdel-Aziz,
Create alert for International Monetary FundInternational Monetary Fund
Egyptian stocks leapt back into the green on Wednesday in the last trading session before the Eid Al-Adha holiday, encouraged by an impending visit from the International Monetary Fund.
The benchmark EGX30 climbed 1.63 per cent to close out the week at 5,793 points, more than making up for the previous day's losses.
"News about the IMF visit encouraged investors after a recent relative slowdown," Ashraf Abdel-Aziz, head of institutions sales at Arabeya Online Securities, told Ahram Online.
An IMF delegation is due to arrive in Cairo on Monday for a visit that may finalise a long-awaited $4.8 billion loan many experts believe is needed to shore up Egypt's economy.
From the 178 stocks traded on Wednesday, 139 gained in value and 20 declined.
Turnover climbed too, after a recent dip, reaching some LE585.9 million ($96m). But it remains significantly lower than the six-month record is reached in September.
"Investors are watching to see what will come up," Abdel-Aziz said.
Orascom Telecom Media and Technology led the market in terms of turnover, gaining 5 per cent. Commercial International Bank was close behind, its shares climbing 2 per cent.
Fellow blue chips Telecom Egypt and National Societe Generale Bank (NSGB) gained 2.3 and 1.2 per cent, respectively.
The broader-based EGX70, charting the performance of lower-cap stocks favoured by Egyptian investors, gained around 1.8 per cent.
Egyptians and non-Arab foreigners were net-buyers to the tune of LE7.5 million and LE12 million respectively. Other Arabs sold LE19.5 million more in stocks than they bought.
- Trouble getting them, trouble keeping them? Middle East firms challenged in attracting, retaining talent
- Does capitalism provide a solution to terrorism?
- No pain, no gain: Tunisian economy needs three years of tough love before rebounding
- How will MENA economies look in 2015?
- Sanctions face-off: Iran to unveil its corporate side in London next week