Egypt’s stocks end week on positive note

Egyptian stock exchange gained 2.21 per cent reversing its direction from Wednesday Egypt’s market reversed its southern direction on Thursday as the main index EGX30 rose by 2.21 per cent over the day recording 5,417 points. The penultimate day of trading on 2012 saw a mild turnover of LE473.4 billion - a meager figure compared to LE700 billion registered on Wednesday. Foreigners and Arab investors ended the day as net buyers, as opposed to Egyptians who were net sellers. Unlike the usual trends on the last days of the year, investors chose to purchase in order to maintain their dollar liquidity in shares' values with the drop of the Egyptian pound against the dollar. Out of 175 stocks traded on the day, 138 gained value and only 21 declined. The broader index EGX70 rose by 1.92 per cent. The market heavyweight shares Orascom Construction Industries and Commercial International Bank were up by 1.37 and 2.04 per cent respectively. The blue chip Telecom Egypt gained 3.68 per cent. From Ahramonline