• 14:01
  • Sunday ,14 August 2011

Egyptian stocks rise on Arab buying


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Sunday ,14 August 2011

Egyptian stocks rise on Arab buying

CAIRO - Driven by Arab buying, Egyptian indexes rebounded on Sunday amid low volumes, traders said. Volume totalled LE226 million ($38 million), they added.

The country's benchmark index EGX 30 rose by 0.73 per cent to 4,626 points. 

The broader indexes EGX 70 and EGX 100 gained 1.46 and 1.26 per cent to 586.52 and 874.79 points respectively.

   Locals non-Arabs made net sell-offs worth LE4.1 million and LE6.8 million, while Arab investors made net purchases worth LE10.8 million.

   Egypt's heavyweight Commercial International Bank (CIB) added 0.68 per cent to LE25.21 per share. EFG-Hermes, the country's biggest investment bank by market value, slipped by 0.51 per cent to LE17.6 per share. 

   Orascom Construction Industries (OCI) rose by 1.34 per cent to LE247.88 per share. Orascom Telecom, the largest Arab mobile operator by subscribers, added 0.31 per cent to LE3.23 per share. Mobinil jumped by 1.14 per cent to LE90.19 per share.

   On Friday, US stocks rose as mildly encouraging retail sales overshadowed weak consumer sentiment data, with lighter volume reflecting a drop in investor anxiety, according to Reuters.

   Still, the market was down for the week and on track for its worst three-week decline since March of 2009, when it hit 12-year lows.

   Trading remained volatile, with stocks retreating after the sentiment reading early in the session, then rebounding by midday.

With less than two hours of trading left, composite volume was about six billion shares, far below the daily average of approximately 16 billion shares traded this week.

   The Dow Jones industrial average added 112.31 points, or 1.01 per cent, to 11,255.62. The Standard & Poor's 500 Index gained 5.76 points, or 0.49 per cent, to 1,178.40. The Nasdaq Composite Index rose 19.73 points, or 0.79 per cent, to 2,512.41.