BY Omnia Abdel Razek
Major indices witnessed an all time high on today’s session recovering quickly form yesterday’s pause and rallying upwards. The upwards momentum was so much propelled by foreign investors, who bought heavily in Egypt’s blue chips following the U.S. Federal Reserve FOMC decision to cut interest rates.
CASE 30 Index closed 1.45 % at a record high 9527.17, after hitting an even higher point 9567.23 by 12:10. Local and Arab investors were net sellers and accounted for market shares of 66.1 %, and 12.6 % respectively, while foreign investors remained net buyers and accounted for 21.3 % market share.
The market traded 173 companies at LE 1,773,935,400, out of which CASE 30 companies accounted for LE 1,306,479,021, where in spite of the significant leap, only 11 issues ’’ heavyweights’ made it on the green arena, while the remaining dropped.
On the Index’s winners list; Telecom Egypt topped with 4.49 % leap to LE 20.70, rumors circulating in the market claim that Telecom Egypt may bid for a stake in one of Lebanon's mobile firms in February; however it wasn’t confirmed by the company yet.
El Ezz Steel Rebars followed with 4.07 % to LE 56.81, Commercial International Bank (Egypt) advanced 3.60 % to LE 80.00, Credit Agricole Egypt closed 2.99 % up at LE 22.04, and Orascom Construction Industries (OCI) gained 2.76 % to LE 514.25 following the announcement of the sale of its 50% stake in the Egyptian Container Handling Company ("ECHCO"). OCI will receive US$ 372 million for its stake in the company.
On the downside; Alexandria Spinning & Weaving (SPINALEX) dipped 3.59 % to LE 2.95, El Nasr Clothes & Textiles (Kabo) shed 2.73 % to LE 2.14, ARAB POLVARA SPINNING & WEAVING CO. declined 2.68 % to LE 5.08, and in spite of an ‘’AA’’ credit rating Eastern Tobacco declined 2.55 % to LE 410.28, and Egyptian for Tourism Resorts dipped 2.48 % to LE 10.22.
On the turnover list; Telecom Egypt traded LE 238,857,600, Egyptian Financial Group-Hermes Holding Company traded LE 159,799,461and closed 0.83 % up at LE 55.87, Six of October Development & Investment (SODIC) traded LE 117,036,057 but closed 0.80 % down at LE 208.63, El Ezz Steel Rebars traded LE 107,130,495, Sidi Kerir Petrochemicals traded LE 85,904,759 and joined the green arena with 2.02 % to LE 21.19. It is said that it is about to establish another plant that would double its annual production capacity.
