Egyptian stocks rise slightly as buyers re-emerge

Egypt's benchmark index clambered up by 0.24 percent to sit at 4,534 points on Tuesday as buyers took advantage of low prices after a month-long decline. "This shows that investors willing to take the risk are now emerging in the market, but it is uncertain if this rally will last until 30 June" said Ashraf Abdel Aziz, head of institutional sales at the Cairo-based Arabia Online Securities. Egypt is bracing for rival pro and anti-government demonstrations due to take place in Cairo and other governorates this weekend and coming Sunday. Foreigners were the largest net sellers, for LE9.01 million, and Arab investors the main net buyers, for LE8.9 million, while Egyptians net-bought a modest LE63,000 worth of shares. Blue chip Commercial International Bank and Orascom Telecom fell by 1.54 percent and 0.79 percent, respectively. Orascom Construction Industries was suspended from trading during the session as the Egyptian Financial Supervisory Authority (EFSA) considered whether to approve a proposed tender offer by Dutch-listed parent company OCI NV on its outstanding ordinary shares. OCI NV announced later on Tuesday that it had received the regulator's approval.  It will consequently launch the exchange offer to convert in to OCI NV as well as a cash alternative of LE255 per share on Thursday, to be concluded on 28 July. Gaining shares accounted for 116 out of 168 listed shares, including real estate stocks TMG Holding, which rose 0.76 percent, Six of October Development & Investment (SODIC), which gained 3.17 percent, and Palm Hills Development Company, which jumped 4.61 percent. Leading investment bank Egyptian Financial Group- Hermes climbed 1.68 percent. Turnover of listed shares reached LE172.5 million on Tuesday. The broader EGX 70 index rose 2.41  percent.