Egyptian stocks rise

For the fourth day in a row, Egypt’s stock exchange traded into the green on Monday. Egypt’s benchmark EGX30 index rose by a modest 0.16 percent to alight at 5,403 points by the end of the trade session. The broader-based EGX70 index, meanwhile, also witnessed a rise of 0.87 percent. Of 168 stocks traded, 133 shares registered gains while only 24 suffered losses. Blue-chip stock Orascom Construction Industries (OCI) tumbled by 0.71 percent, while heavyweight Commercial International Bank (CIB) surged by 0.12 percent. "The stock market today was marked by a strong wave of cross-trading on certain stocks, including CIB and other real estate stocks, which together accounted for almost LE100 million in trade volume," said Ashraf Abdel-Aziz, head of institutional sales at Cairo-based brokerage Arabeya Online. "The lack of any major political demonstrations or disturbances could lead the stock market to further gains over the rest of the week," Abdel-Aziz said. Daily turnover on Monday reached a meagre LE362 million, indicating investors' wariness regarding Egypt's current economic volatility . Arab and foreign investors were net sellers for the day, offloading a total of LE15 million and LE10 million respectively. Egyptian investors, meanwhile, were net buyers, picking up almost LE25 million in shares. The real estate sector was one of the best performing sectors on Monday, with market giants Talaat Mostafa Group Holding (TMGH) and Palm Hills both gaining by 1.48 percent and 1.86 percent respectively. From Ahramonline