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Market Report: Egypt stocks rise 2.4 pct as People's Assembly opens
People's Assembly opening and return to trading of Orascom Telecom stocks give the market a boost
Ahram Online Published in Ahram Online on 23 - 01 - 2012

Egyptian stocks saw gains on Monday to mark the upsurge in confidence on the back of the opening session of the People's Assembly. The benchmark EGX30 index rising 2.4 per cent to close out the day at 4,014.27 points
“The market was definitely handed a push by the optimism resulting from the opening of parliament,” Mohamed Metwally, a trader at Prime Securities.
The bourse's broader-based indices also moved upwards on Monday, with the EGX70 and EGX100 rising 2 and 1.7 per cent respectively.
Foreigners were net-buyers for the day at LE10.4million, while Egyptian investors ended as net-sellers at LE15.3 million.
Most blue chip stocks, meanwhile, gained value. The trend was led by Orascom Construction Industries (OCI) and Commercial International Bank, whose share values rose by 1.6 and 1.2 per cent respectively.
OCI achieved the highest turnover of the day worth LE26 million.
The Telecommunication sector was boosted by the return to trading of Orascom Telecom Holding (OTH), which rose by 2.2 per cent. Also experiencing a good day in the market was the landline monopoly Telecom Egypt and mobile communications firm Mobinil, whose shares saw gains of 2.4 and 1.2 per cent respectively.
“I believe the most positive effect was generated from the return of Orascom Telecom (OT),” said Metwally.
OT returned to trading on Sunday after it was split into OTH and Orascom Telecom Media And Technology Holding (OTMTH).
OTH gained a solid 9.1 per cent to close at LE2.88 per share. OTMTH's stocks gained 2.2 per cent.
Property development heavyweights TMG, Palm Hills and SODIC also fared well in Monday's trading, increasing by 3.7, 1.6 and 4.4 per cent respectively.
The construction sector was also bolstered by Ezz Steel, whose stock value increased by 2.4 per cent.
Metwally indicated that the market might be totally revived after 25 January.
“If the protests on 25 January pass peacefully and with the parliament in place, the market could see a very positive turn.”
Out of 164 stocks listed on the exchange, 134 gained for the day while 16 recorded losses. Total daily turnover stood at some LE232 million.
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