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Egyptian stocks up on Wall Street, new confidence - Daily News Egypt

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Egyptian stocks up on Wall Street, new confidence

CAIRO: Egypt s benchmark stock index rose 1.63 percent on Thursday as gains on Wall Street helped restore confidence among retail investors, brokers said. But the launch of a new trading system led to many delays and outages, including a one-hour suspension of all dealing. Some of the data usually provided by the exchange was …


CAIRO: Egypt s benchmark stock index rose 1.63 percent on Thursday as gains on Wall Street helped restore confidence among retail investors, brokers said.

But the launch of a new trading system led to many delays and outages, including a one-hour suspension of all dealing. Some of the data usually provided by the exchange was not available.

Some of the big caps hardest hit in recent declines bounced back, led by investment bank EFG-Hermes, which gained 13.25 percent to end at LE 17.01 ($3.08).

Ezz Steel, which has fallen on expectations of lower demand for its products, rose 4.23 percent to 10.60, while Orascom Construction Industries added 1.73 percent to LE 124.51.

Everyone follows the United States, and people are slowly regaining confidence, especially in the big caps, said Hashem Ghoneim of El Nour Securities.

But Orascom Telecom fell 3.11 percent and Commercial International Bank ended the day 0.73 percent down at 28.60.

The benchmark CASE 30 index closed at 4,043.73, 9.7 percent up on Monday s 45-month low.

The rival Hermes index closed 1.62 percent up at 381.61 points, while the broader CIBC 100 index was 1.04 percent higher at 272.3 points.

Topics: FJP

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