Egypt market gains on Morsi anniversary protests

Egypt’s benchmark index ended Sunday’s session in the green, up 1.43 percent as it pursued the upward trend that began at the end of the previous week.

The local bourse had witnessed a month-long plunge, punctuated by intermittent rallies, falling by nearly 13 percent as investor fears grew regarding planned opposition protests on 30 June – marking the end of Islamist President Mohamed Morsi’s first year in office – to demand snap presidential polls.

Total turnover reached LE161 million by the end of the session, with 90 listed shares – out of a total 156 – rising as speculators took advantage of low market prices.

Non-Arab foreign investors were net buyers at a modest LE4.2 million, while Egyptian and Arab investors – who combined to make up some 71 percent of the market – were net sellers.

Among the gainers were prominent Egyptian investment bank EFG-Hermes, up by 0.82 percent, and Six of October Development & Investment (SODIC), up by 1.97 percent.

Commercial International Bank rose by 3.28 percent, meanwhile, and Orascom Telecom made gains of 4.26 percent.

In the same session, Orascom Construction Industries fell by 0.22 percent, while Palm Hills Development Company fell by 0.62 percent.

The broader-base EGX70 index rose by 0.51 percent for the day.