Daily News Egypt

Egypt index extends gains after anniversary protests - Daily News Egypt

Advertising Area




Advertising Area



Egypt index extends gains after anniversary protests

CAIRO: Egypt’s main index jumped 3.4 percent, adding to a 7 percent surge on Thursday on relief that pro-democracy protests last week took place without major violence. Some stocks were suspended briefly from trading after hitting upward price limits. Traders said the market has still to price in bigger gains by the global depositary receipts …


CAIRO: Egypt’s main index jumped 3.4 percent, adding to a 7 percent surge on Thursday on relief that pro-democracy protests last week took place without major violence.

Some stocks were suspended briefly from trading after hitting upward price limits. Traders said the market has still to price in bigger gains by the global depositary receipts of some top Egyptian companies.

"Foreigners are still net buyers in low volume," said Omar Darwish of brokerage CIBC. "There is relief that there was no significant violence over the weekend."

Orascom Telecom saw by far the biggest volume, jumping 6.3 percent, while Commercial International Bank advanced 4.3 percent and Ezz Steel 3.6 percent.

"We’re catching up with Friday’s gains by GDR’s as local stocks are limited to a 10 percent ceiling," said Darwish.

Maridive and Oil Services was suspended limit-up after saying it won a series of contracts in Brazil worth $234 million.

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2012/01/29/egypt-index-extends-gains-after-anniversary-protests/
Breaking News

No current breaking news

Subscribe to the Newsletter List Subscribe by clicking on the Subscribe
Subscribe
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