Egypt Independent

Egyptian exchange sees highest rise in 4 months

Egypt’s stock exchange rose significantly yesterday in its first session following the Eid al-Fitr vacation, with foreign investors demonstrating an inclination to buy amid a wave of selling by Egyptian and Arab investors.

Egypt's stock exchange benchmark EGX 30 index rose by 1.8 percent, ending transactions at 6617 points, the highest level reached since 18 May.

The price index also rose by 1.3 percent, after the closing prices of 129 bonds rose with drops in only 27 bonds.

Total transactions amounted to LE909.6 million compared to a daily average of LE600 million during Ramadan. Experts attribute the increase to longer working hours after the holy month.

Leading stocks rose from one to nine percent, led by Arabia Cotton Ginning Company, Orascom Construction, CIB, Ezz Steel, Talaat Mostafa Group and Pioneers Holding.

In related news, Vimpelcom–Russia's third-biggest mobile phone operator–may issue new preferred shares to public investors and also to Naguib Sawiris's Weather Investment, in an effort to gain support for its potential acquisition of the Egyptian tycoon's assets.

Translated from the Arabic Edition.