Mahmoud Esmat pledges to enhance Egypt's electricity services    Badr Abdelatty sworn in as Egypt's Minister of Foreign Affairs    Death toll in Gaza rises amid ongoing Israeli attacks    Khaled Abdel Ghaffar re-appointed as Health Minister    Egypt's new Cabinet sworn in, Al-Sisi outlines economic, security priorities    Alaa Farouk takes charge as Minister of Agriculture    Mohamed Gaber takes oath of office as Egypt's Labour Minister    CBE joins EBRD's Women Entrepreneurs Finance Initiative    Hassan El-Khatib appointed as Egypt's Minister of Investment and Foreign Trade    New Culture Minister Ahmed Hanno vows to strengthen Egyptian identity, character    Eurozone services growth moderates to 3-m low    China's carbon prices decline on Wednesday    UK services sector sees mild slowdown, less alarming – PMI    US adds six companies to trade blacklist    Turkey's inflation cools in June    Egypt's Health Minister meets with Pfizer representatives to enhance cooperation    Aswan Forum kicks off with focus on reimagining global governance in Africa    Microsoft streamlines retail channels in China    Egypt advances green economy with clear legislation, incentives, and private sector engagement: Environment Minister    Egypt signs heads of terms deal for first luxury rail cruise project    Over 200 cultural events planned across Egypt to mark June 30 Anniversary    33 family tombs unearthed in Aswan reveal secrets of Late Period, Greco-Roman eras    First NBA Basketball school in Africa to launch in Egypt    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egypt's President assigns Madbouly to form new government    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt stocks rise as foreigners buy into blue chips
Published in Daily News Egypt on 26 - 11 - 2008

CAIRO: Egyptian stock indexes rose for a second day on Wednesday as foreign investors continued to buy up blue chip shares at attractive prices after a sharp drop in the market earlier in the week.
The benchmark CASE 30 index, which on Monday fell to its lowest level in 45 months, was up 2.89 percent to 3,978.67 points on Wednesday.
Some (foreign) clients are looking to build some positions at these levels in these stocks, said Mohamed Radwan of Pharos Securities.
Mohamed Tawfiq of Delta Rasmala Securities said that while foreign investors were not aggressive buyers, their return as net buyers had helped boost the market.
They removed some of the selling pressure from the market, said Tawfiq.
Foreign investors, who were responsible for about 17 percent of the day s transactions, were Wednesday s only net buyers by a margin of LE 38.3 million, according to stock market data.
Foreign institutional investors boosted many big cap stocks. Shares in index heavyweight Orascom Construction Industries, the day s most heavily traded by value, last traded 6.19 percent higher at LE 123.30, while regional mobile operator Orascom Telecom s shares were 1.39 percent up at LE 23.40 per share.
To read the other stories in our bi-monthly special focus on Egypt s capital market, click here:http://thedailynewsegypt.com/article.aspx?ArticleID=18082http://thedailynewsegypt.com/article.aspx?ArticleID=18081http://thedailynewsegypt.com/article.aspx?ArticleID=18080http://thedailynewsegypt.com/article.aspx?ArticleID=18079
The rival Hermes index closed 2.43 percent up at 375.54 points, while the broader CIBC 100 index was 1.70 percent up at 268.8 points.
EFG-Hermes, Egypt s largest investment bank by market value, saw its shares gain 2.13 percent to last trade at LE 14.83 per share, while Ezz Steel gained 3.86 percent to LE 10.23 per share.


Clic here to read the story from its source.