Egypt index up ahead of earnings season

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Egypt’s main index edged up 0.3 percent, but volumes remain low ahead of the earnings season and the traditionally low Muslim holy month of Ramadan, which begins on about Aug. 11, traders said.


"There is no volume. It is pre-Ramadan time and it is summer time with absence of any corporate or economic indicators," said Osama Mourad, CEO of Arab Finance Brokerage.

Telecom Egypt gained 0.8 percent, while Ezz Steel fell 1.1 percent, Orascom Construction fell 0.6 percent.

Talaat Moustafa slipped 0.6 percent and Orascom Telecom 0.4 percent.

The index closed at 5,990 points.


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By Reuters
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