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Egypt closes at two-month high, CIB leads - Daily News Egypt

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Egypt closes at two-month high, CIB leads

CAIRO: Egypt s main index scaled to its highest close in more than two months, helped up by heavyweight Commercial International Bank (CIB), which rose 3.4 percent. Institutional investors, who tend to focus on bigger firms, are showing interest in CIB as Egypt s stocks play catch-up with rallying world markets, traders said. Overall, if …


CAIRO: Egypt s main index scaled to its highest close in more than two months, helped up by heavyweight Commercial International Bank (CIB), which rose 3.4 percent.

Institutional investors, who tend to focus on bigger firms, are showing interest in CIB as Egypt s stocks play catch-up with rallying world markets, traders said.

Overall, if you look at our market for the last two months, we ve been lagging the rest of the world, said Hashem Ghoneim of Pyramids Capital.

Following price rises, investors cash in during the last half hour of trade, he said, adding he expects selling pressure to continue on Wednesday.

Investors are also looking for investment bank EFG-Hermes to re-invest cash from its recent Bank Audi stake sale, brokers said.

They have a lot of cash, and people are trying to hunt for what they are going to use this cash for, said Karim Hosny of Pharos Securities.

EFG-Hermes fell 3.9 percent, to close at LE 30.25 per share.

Textile firms are also among the winners after technical analysts raise their outlook for key companies in the sector, brokers said.

Arab Cotton Ginning rose 4.3 percent and Arab Polvara 3.5 percent.

The EGX 30 gained 1.6 percent to close at 6,833 points. -Reuters

Topics: FJP

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