Business | Markets

Egypt stocks inch up on domestic buying

Egypt's main stock indexes inched higher on Sunday, breaking a four session losing streak, with local institutions buying and investors optimistic over a near approval of the US bank bailout plan, brokers said.

  • Reuters
  • Published: 23:56 September 28, 2008
  • Gulf News

Cairo: Egypt's main stock indexes inched higher yesterday, breaking a four session losing streak, with local institutions buying and investors optimistic over a near approval of the US bank bailout plan, brokers said.

"Local institutions were back to buying as stocks like EFG-Hermes and Commercial International Bank became very cheap," said Mohammad Kotb, investment manager at Jazira Asset Management.

Investment bank EFG-Hermes, the most heavily traded share by turnover, rose 1.38 per cent to last trade at 33.80 Egyptian pounds ($6.20), while CIB was 2.08 per cent up at 39.24 pounds.

"This is a normal rebound for the two stocks with the cheap multiples they have now," Kotb added.

The benchmark Case 30 index ended 0.84 per cent up at 7,003.68 after hitting a high of 7,045.27 during the trading session. The Hermes index gained 0.61 per cent to 626.85.

The broader CIBC index ended 1.45 per cent higher at 366.83.

Heavyweight Orascom Telecom inched 0.2 per cent up to 40.13 pounds, while Heliopolis Housing gained 1.21 per cent to 35 pounds after the firm said its net profit jumped 18 per cent in the financial year ended June.

But Orascom Construction Industries fell 1.31 per cent to last trade at 310 pounds.

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