Egyptian Stock Market Climbs as Protests Ebb

Egypt's bourse was back in the green, as main index EGX30 rose by 1.1 per cent, closing at 5,756 points. The broader-based EGX70 registered a higher increase of 1.9 per cent. The total turnover for securities was around LE 510 million, the highest this week, as "street protests had paralysed investors over the past couple of days" said Issa Fathi, vice president of the securities division of the Cairo Chamber of Commerce. Nationwide anti-government protests were scheduled, in commemoration of the second anniversary of former president Mubarak's resignation. Investors had been nervous about the marches turning violent, but in the event the turnout was low, with limited skirmishes between protesters and security forces near the presidential palace in Cairo.

Egyptians were net buyers, to the tune of LE45.6 million, while foreign investors net-sold LE35.8 million worth of shares. One hundred and forty-four stocks gained in value, while only thirteen declined and another thirteen maintained their value. The major property shares performed well. SODIC led the pack with a 3.5 per cent gain, Palm Hills Development Company shares registered an impressive 2.4 per cent rise in value, and TMG Holding rose by 1.7 per cent. Blue chips Orascom Construction Industries and Commercial International Bank gained 1 per cent and 0.6 per cent respectively. Telecom giant Orascom Telecom's shares recorded a 1.3 per cent gain.