Egypt bourse extends gains, local institutions buy

Daily News Egypt
1 Min Read

CAIRO: Egypt s main stock indexes rose on Monday for the second day in a row on continuing local institutional interest in big caps led by the Commercial International bank (CIB), brokers said.

The benchmark CASE 30 index gained 0.79 percent to end at 7,059.16 points. The Hermes index climbed 0.65 percent to 630.94 points, while the broader CIBC index ended 0.17 percent higher at 367.47 points.

Local institutions were building positions in big caps, especially financials and CIB, as they expect things to get better after Eid holidays, said Ahmed Abaza of Delta Rasmala Securities.

Shares in CIB last traded 1.97 percent higher at LE 39.77 ($7.28), while investment bank EFG-Hermes was 0.35 percent up at LE 34 per share. EFG-Hermes was the most heavily traded stock of the day.

Investment bank Naeem Holding jumped 8.22 percent to $0.97.

Market heavyweight Orascom Construction Industries (OCI) rose 0.82 percent to LE 316.48 after falling on Sunday due to foreign selling pressure.

Foreigners continued to be net sellers of Egypt shares on Monday, which also weighed on Ezz Steel, brokers said. The stock fell 2.43 percent to last trade at LE 18.47.

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