News Column

Turnover of "EGX" Hits Four-Year High

January 29, 2014

The Egyptian Stock Exchange (EGX) rose on Tuesday 28/1/2014. The main index EGX30 gained 1.53 per cent to 7,368 points. Turnover hit a record high since January 2011 , reaching LE 1.479 billion ( $211 million ). A big transaction worth LE360 million on shares of Talaat Mostafa Group (TMG) helped turnover, according to Ashraf Abdel-Aziz , head of institutional sales at Cairo -based brokerage Arabeya Online. According to market analysts, investors are supporting recent news of army chief and defense minister Abdel-Fattah El-Sisi running for president. Egypt's largest investment bank said it is lining up stock floats for three firms worth a combined $300 million -plus this year. Egyptians and Arabs were net-buyers while foreign investors cashed in on profits. The real estate sector led the market in terms of turnover, with TMG gaining 1.43 per cent to L.E7.09 and Palm Hills rising by 2.78 to LE2.96. Market blue chip CIB gained 1.33 per cent to LE33.42 while EFG-Hermes gained 3.32 per cent to close at LE11.21. Out of 187 stocks traded during the day, 150 gained in value while 23 declined. The broader index EGX70 increased by 1.08 per cent.

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Source: AllAfrica

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