Egypt stocks up 0.56%

Egypt's benchmark EGX30 index on Sunday gained 0.56 percent to reach 5,396 points in a day that saw exceptionally low turnover of only LE193.9 million. "This is the lowest turnover in months," said Ashraf Abdel-Aziz, head of institutional sales at Cairo-based Arabeya Online Securities. He added that the suspension of Orascom Telecom (OT) stocks from trading since Thursday "has had an impact on turnover." Egypt's stock exchange suspended trading on OT shares until more information was made available regarding OT mother company Vimpelcom's recent deal with the Algerian government over Algerian mobile-phone provider Djezzy. Out of 159 stocks traded on the market, 102 made gains on Sunday, including Orascom Telecom Media and Technology Holding, which rose by 2.74 percent. Real estate shares also registered gains, including SODIC (up 1.65 percent), Palm Hills (up 1.42 percent), and TMG (up 1.5 percent). Blue chip Commercial International Bank, meanwhile, rose by 0.77 percent on Sunday, while Orascom Construction Industries – the exchange's largest share by far in terms of market capitalisation – shed 0.3 percent. Arab investors were net sellers for the day to the tune of LE9 million, while Egyptian and foreign investors represented net buyers. The broader-based EGX70 index, meanwhile, gained 0.91 percent in Sunday's trade session. ahram