CAIRO: Egyptian stocks dipped in thin trade in Monday, but interest in flour mills and National Societe Generale Bank (NSGB) helped buoy the market, traders said.
Shares in NSGB, which bought a 90.7 percent stake in Misr International Bank (MIBank) in 2005, rose 2.09 Egyptian pounds ($0.36), or 6 percent, to 36.9 pounds. A trader said the bank had a good outlook and strong earnings.
MIBank gained 5 percent to end trade at 31.08 pounds. NSGB, which is 78 percent owned by France s Societe Generale , posted a 62 percent rise in first half net profits earlier this month.
I think it s fund buying. It was cheap…The latest earnings release was very positive and it s now becoming one of the largest banks in Egypt, Mohammed Kotb of Gezira Asset Management said, referring to NSGB.
Elsewhere, shares in some flour mills rose after Egypt s Al Alam al-Yom newspaper published comments from Holding Company for Food Industries Chairman Ahmad Al Rakibi saying the company would offer a nine percent stake in mill shares.
Rakibi added the shares would be offered at an appropriate time and gave no pricing details. The holding company could not immediately be contacted for comment.
The government announced that it was going to sell 9 percent of shares in milling companies…Today the shares ended the session in the green, unlike the rest of the market, Mohammed Radwan of Delta Securities said.
Gainers included Alexandria Mills, up 5 percent to end at 12.52 pounds, Middle West Mill, which rose 2.6 percent to 30.99 pounds and Central Flour Mill, up 4.9 percent to 13.42 pounds. Reuters