• 05:40
  • Tuesday ,25 June 2013
العربية

Egypt stocks hold steady in run-up to anti-Morsi rallies

By-Ahram

Home News

00:06

Tuesday ,25 June 2013

Egypt stocks hold steady in run-up to anti-Morsi rallies

Egypt's benchmark EGX30 index registered a miniscule 0.03-percent drop on Monday, while the broader-based EGX70 and EGX100 indices rose by 0.18 percent and 0.22 respectively, as buyers appeared to stage a tentative return to the market. 

Egyptian investors were net buyers to the value of LE6.2 million in a session that saw some LE133.5 million in turnover.
 
Most shares on the EGX30 registered gains for the day, with Orascom Construction Industries rising 0.14 percent and Orascom Telecom gaining 0.53 percent.
 
Shares in Egyptian investment bank EFG-Hermes rose by 1.03 percent, while in the real estate sector, Egypt's TMG Holding, Palm Hills Development Company and SODIC all rose by 1.03, 1.33, and 1.57 percent respectively.
 
Analysts expect the market to continue its downward trend until at least 30 June, the date of planned mass anti-government protests, as investors fear the demonstrations will exacerbate domestic political instability.
 
The protests will demand President Mohamed Morsi's ouster and snap presidential polls. Islamist groups, meanwhile, are expected to hold counter-rallies in support of the president, who hails from Egypt's Muslim Brotherhood.