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Egypt stock index adds 4 pct, extending rebound - Daily News Egypt

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Egypt stock index adds 4 pct, extending rebound

CAIRO: Egypt s benchmark stock index jumped 4 percent on Sunday to extend a rebound alongside Gulf Arab bourses, with gains in some of the Egyptian stocks most battered by the global economic downturn. Shares in investment bank EFG-Hermes, which has lost roughly 75 percent of its value this year, climbed 4.36 percent to last …


CAIRO: Egypt s benchmark stock index jumped 4 percent on Sunday to extend a rebound alongside Gulf Arab bourses, with gains in some of the Egyptian stocks most battered by the global economic downturn.

Shares in investment bank EFG-Hermes, which has lost roughly 75 percent of its value this year, climbed 4.36 percent to last trade at LE 17.01 ($3.08).

Ezz Steel, which has fallen 70 percent since May on expectations of lower demand for its products, jumped 8.09 percent to LE 11.36.

Overall, the benchmark CASE 30 index soared to 4,205.86 points on a fourth consecutive day of gains. The rival Hermes index climbed 3.95 percent to 396.70 points. The broader CIBC 100 index added 2.07 percent.

Most Gulf Arab bourses also rose on Sunday as a global stock rally and moves by the region s governments and companies to limit the impact of the global crisis boosted investor confidence.

I don t think this will continue forward. Technical analysts assume we are still in a downtrend, Mohamed Seddieq of Prime Securities said of the Egyptian market.

Mohamed Radwan of Pharos Securities, who described the gains as a psychological rebound , said: This week is definitely going to be better than the previous week although you may see profit taking.

Shares in Egyptian market heavyweight Orascom Construction Industries rose 3.42 percent to LE 128.96, while regional mobile operator Orascom Telecom added 5.36 percent to LE 25.16 pounds.

Shares in oil support company Maridive & Oil Services jumped 15.35 percent to $2.33.

Topics: FJP

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https://www.dailynewsegypt.com/2008/11/30/egypt-stock-index-adds-4-pct-extending-rebound/
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