Stocks are pushing up the market

Egypt’s market edged up 0.98 percent to 7,646 points on Monday and daily stock turnover was EGP 548.3 million, Financial Services News informs.

Arab investors were net buyers to the tune of EGP 54.8 million, while other foreign investors were net sellers to the tune of EGP30.5 million and Egyptians were net sellers to the tune of EGP 24 million.

Blue chip Commercial International Bank (CIB) gained 1.3 percent to EGP 44.2 a share.

State-run Telecom Egypt, which reported a 116 percent rise in its first quarter profits, increased 1.5 percent to EGP 7.97 per share.

Global contractor Orascom Construction Limited (OC) rose 1.53 percent to EGP 53.3 per share after announcing it was awarded an additional two contracts in the third phase of Cairo’s third metro line, raising its share in the project to €375 million.

 

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