Arab Today, arab today egypt\s bourse makes impressive recovery in 2012
Last Updated : GMT 00:40:47
Arab Today, arab today
Arab Today, arab today

Egypt\'s Bourse makes impressive recovery in 2012

Arab Today, arab today

Arab Today, arab today Egypt\'s Bourse makes impressive recovery in 2012

Cairo - Arabstoday

Egypt\'s stocks ended the year 2012 on a positive note, bolstering its impressive 2012 rally and putting it in third place globally in terms of per cent earnings. The main EGX30 index closed the year at 5,462 points, up 50.8 points from the 2011 close. Despite such a notable performance, the index remains well below the pre-uprising level of 6,723 points. The stock market started its recovery this year after it had suffered serious blows following the January 2011 popular uprising and an overall global economic downturn. The Egyptian exchange is the third-best performing stock market worldwide followed by Venzuela\'s IBC index and Turkey\'s XU100 index, despite analysts predicting that economic volatility and unrest could have negative repercussions on its performance. A more than 25 per cent growth in trading volume could be counted as the year\'s best indicator for the exchange. After daily turnover levels dropped below the LE300 billion in the third quarter of 2011, trading volumes have seen a solid recovery throughout the year, edging above the LE1 billion ($166 billion) mark in mid-September 2012.   On Thursday, Egypt stocks extended their gains following a week-long mostly upward trend as predicted by stock market experts following the Global Depository Receipts (GDRs) gains and the CBE\'s newly-announced economic recovery mechanisms. Egypt\'s benchmark EGX30 index rose by 0.37 per cent to 5, 462 points by the end of Monday\'s session. The broader-based EGX70, meanwhile, suffered a minor decline of 0.43 per cent. Egyptians were net sellers for the day as they offloaded a total LE31 million worth of shares, while Arab and foreign investors were net buyers picking up almost LE9 million and LE21 million respectively. The telecom sector led the market in terms of turnover today reflecting a total gain of LE82 million, as heavyweight Orascom Telecom Holding (OTH) rose by a healthy 2.32 per cent although landline monopoly, Egypt Telecom, tumbled by 1.05 per cent. Blue-chips Orascom Construction Industries (OCI), Commercial International Bank (CIB), Talaat Mostafa Group Holding (TMGH) and Orascom Telecom Holding (OTH) were the main market leaders for the year 2012. Their market shares are expected to continue to grow. From Ahramonline

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