Arab Today, arab today egypt stocks see muted rebound on pm speech
Last Updated : GMT 09:09:51
Arab Today, arab today
Arab Today, arab today

Egypt stocks see muted rebound on PM speech

Arab Today, arab today

Arab Today, arab today Egypt stocks see muted rebound on PM speech

Cairo - Arabstoday

Egypt\'s exchange saw a slight rebound on Thursday, its first climb in five trading sessions after the weekend\'s controversial trial verdict for ex-president Hosni Mubarak which once again drove protesters to Cairo\'s Tahrir Square. The benchmark EGX30 rose by 0.1 per cent to reach 4.489.55 points -- a performance which one capital market expect called a \"feeble reply\" to Wednesday\'s speech by Egypt\'s interim Prime Minister Kamal El-Ganzouri. \"Ganzouri\'s speech included several positive indicators but they did not have a strong impact on the market\'s performance,\" market-watcher Mostafa Badra told Ahram Online. During Wednesday\'s news conference, Ganzouri vowed the mid-June presidential runoff will be free of fraud, \"just like the first round\", and stressed the interim government does not have a favoured candidate. The premier also announced a drop in Egypt\'s external debt, down to $33.2 billion, and confirmed the central bank\'s announcement that the country\'s foreign currency reserves rose by $302 million in May, making the total to $15.5 billion. The market saw another day of diminished trade on Thursday, worth just LE124.3 million, in a vivid reflection of the limited appetites of investors. From the 163 stocks traded in the session, 108 gained in value and 40 saw losses -- a performance that prompted a rise of 0.7 per cent for the broader EGX70 index. Orascom Telecom and Orascom Construction Industries were prominent high-cap gainers, edging up 0.6 and 0.7 per cent respectively. The region\'s major investment bank EFG-Hermes declined 0.8 per cent and saw the day\'s heaviest trade as it continued to feel the effects of a bidding war between investment groups. \"Hermes is swinging between Planet IB [a private consortium] and QInvest [a Qatar investment ban] and investors are the prey,\" Badra said. Shares in the Commercial International Bank dipped 0.6 per cent, reflecting the overall selling trend among foreign investors. Foreigners were the day\'s net-seller, offloading LE5.5 million in stock. Egyptians were net-buyers to the tune of LE7 million. \"We have a new massive protest on Friday which makes foreigner investors feel uncertainty,\" Badra added. Property shares had a mixed performance, with the Talaat Mostafa Group slipping 0.7 per cent in value, and Palm Hills edging up 0.6 per cent.

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