"Emirati" fall in thin trading
Egyptian bourse rises with the support of real estate stocks
Real estate stocks led the index to the Egyptian stock exchange registered to its highest climb in six years yesterday. The index has increased 0.4 percent Egyptian President to 9274 points with gains for the sixth time in seven sessions and up to 87 percent gains since President Mohamed Morsi was isolated in July 2013. Shares jumped 6 October development & investment (sodic) the third largest real estate development company included 9.5 per cent, while shares of Talaat Moustafa group rivals real estate and Palm hills development 1.0 and 2.1 percent, respectively. He said Mohammed Radwan, head of stock trading at Pharos in Cairo: ' they contributed to the housing and real estate, but the banking sector was a shareholder in the index gains in the past few weeks, led by commercial International Bank and EFG-Hermes '.
And international commercial bank gained 0.2 per cent to earnings since the beginning of the year, 39 per cent while Hermes rose 2.9 per cent registered the highest close since January 2011. Radwan said, referring to the election of former Army Chief Abdul Fattah al-Sisi as President of Egypt in may: ' the market came under pressure for three years. New breakthrough achieved with insulation Morsi and Sisi's power '. Radwan said: ' the market absorbed any negative news in the past weeks and months, until the terrorist attacks randomly '. He said: ' due to the high local contributions in the market compared to foreign investors who were absent. If foreign investors had participated more but we saw more negative reaction '.
Allen said Sandeep Research Director of Naim holdings in Cairo: ' more institutions participated in the Egyptian stock exchange in terms of trading volumes and values '. And as far as the participation of foreign funds by Sandeep less than 10 per cent of trading in the market and said, ' this will increase sooner or later. Maybe see some corrections in the market, but the long-term trend is moving in only one boarding pass '. He said that confidence has been derived from Government moves to cut energy subsidies, while contributing to the stability of the Egyptian pound in supporting morale. And in U.A.E. Dubai or Abu Dhabi index decreased 0.2 percent in thin trading. Though rose Gulf Finance House listed in Dubai 1.9 per cent and the volume of trading after it said it would include instruments planned 200 million dollars on NASDAQ Dubai. In the Sultanate of Oman Oman telecommunications rose (Omantel) 0.6 percent after the company reported a net profit for the second quarter of the year reached 31.5 million rials (81.8 million US dollars), exceeding analysts ' expectations despite a decline in revenue.