Egypt Stocks Rise in Third Consecutive Session

Egypt’s stocks continued it’s northern direction for the third consecutive session as they are still stimulated by the positive news about scrapping the taxes that were suggested to be imposed on the bourse’s dealings.

The main index EGX30 rose by 0.8 percent recording 5,157 points amid an upsurge of the market’s heavyweight shares. The market has reduced its losses since the beginning of the year to 5.6 percent. Total market turnover reached LE255 million, a level that is considered low compared to the bourse's high levels.

An aide to the finance minister said Egypt has decided to scrap plans to tax stock market dividends and mergers and acquisitions. The market reacted positively to the news, gaining 1.5 percent. The Commercial International Bank (CIB), Egypt's largest listed bank, was the most active in today's session, seeing LE51 million in turnover and gaining a healthy 0.85 percent to close at LE29.5 per share.

Orascom Construction Industries, the market's largest company, gained 0.4 percent but saw a meager LE16 million in turnover. Non-Arab foreign investors ended the session as net-seller with some LE9.6 million and made up 28 percent of total volume. Domestic investors were net-buyers at some LE15.1 million.

Communication giant Orascom Telecom closed trading up 0.8 percent. Property developers stocks remained colored green.Talaat Mostafa Group, Palm hills and Six of October Development and Investments rose 1.6, 1.5 and 0.4 percent respectively. The broader index EGX70 rose 1.2 percent. Out of 169 shares traded, 104 saw gains, 22 dropped and 43 remained unchanged.