Daily News Egypt

Egypt index hits 3-mth high, more upside seen - Daily News Egypt

Advertising Area



Advertising Area




Egypt index hits 3-mth high, more upside seen

CAIRO: The main Egyptian index ended 1.8 percent higher in thin volumes as blue chips continued to rally, with traders eyeing increased volumes as a psychological barrier at 7,000 points nears. The index has gained 10 percent since the start of the year and closed at its highest level since late October. Commercial International Bank …


CAIRO: The main Egyptian index ended 1.8 percent higher in thin volumes as blue chips continued to rally, with traders eyeing increased volumes as a psychological barrier at 7,000 points nears.

The index has gained 10 percent since the start of the year and closed at its highest level since late October.

Commercial International Bank (CIB) gave the biggest boost with a 2.3 percent gain.

It is one of the best performers and one of the best managed banks in the country, said Teymour El-Derini from Naeem Brokerage.

Orascom Telecom (OT) closed up 5.2 percent, with traders seeing increased interest from retail investors since its share dilution earlier this week. Orascom Telecom is creating a surge in the market, Derini said.

EFG-Hermes added 2.2 percent on continued speculation that it will soon announce a major purchase following the sale of its stake in Bank Audi last month.

The stock has gained more than 25 percent since the start of the year.

Traders say the index will rally if trade moves beyond the 7,000 point level, with OT seen leading any march upward.

By tomorrow I think we will hit the 7,000 level, Derini said. We will reach a new level and the market will pick up on volume.

The index closed at 6,927 points. -Reuters

Topics: FJP

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2010/02/02/egypt-index-hits-3-mth-high-more-upside-seen/
Breaking News

No current breaking news

Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View