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Egypt index gains on CIB strength - Daily News Egypt

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Egypt index gains on CIB strength

CAIRO: Egypt’s main index, EGX30, still tied to international markets, endED 1.8 percent higher on the back of heavyweight Commercial International Bank’s (CIB) gains. CIB, seen as a defensive stock in times of volatility, rose 2.8 percent. On Wednesday, it reported stronger-than-expected first quarter profits. But traders said news from Europe would remain the main …


CAIRO: Egypt’s main index, EGX30, still tied to international markets, endED 1.8 percent higher on the back of heavyweight Commercial International Bank’s (CIB) gains.

CIB, seen as a defensive stock in times of volatility, rose 2.8 percent. On Wednesday, it reported stronger-than-expected first quarter profits.

But traders said news from Europe would remain the main spur for the EGX30 in the absence of positive news on big caps such as Orascom Telecom (OT), which lost 0.3 percent.

"Volatility will continue, and we will follow global markets," said Osama Mourad of Arab Finance Brokerage. "And I think global markets will go down."

He cited Eurozone debt worries, UK inflation figures and an expected drop in German consumer confidence as the main catalysts.

Maridive and Oil Services slipped 2.9 percent after reporting lower-than-expected first quarter profit on Sunday.

The EGX30 closed at 6,761 points.

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https://www.dailynewsegypt.com/2010/05/18/egypt-index-gains-on-cib-strength/
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