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Egypt indexes rise on returning foreign investors

Forbes
Egypt indexes rise on returning foreign investors - Egypt - Real Estate - Stock


Egypt's main stocks indexes rose on Wednesday, tracking gains on global markets as foreign investors returned to the market, helping the benchmark index recoup two sessions of losses.



World stocks rose on Wednesday as forecast-beating earnings from European companies spurred share buying ahead of key U.S. growth data.

'There's a lot of optimism, unlike before. Confidence is returning slowly,' said Hashem Ghoneim of Pyramids Capital. He added: 'Things are improving all around the world, there are signs of improvement... and that's very positive for markets like Egypt.'

Real estate developer Talaat Moustafa Group was the day's most heavily traded share by value, gaining 1.54 percent to 4.62 pounds ($0.82) per share.

Orascom Telecom gained 3.29 percent to last trade at 30.77 pounds per share, while Orascom Construction gained 1.91 percent to 153 pounds.

Commercial International Bank gained 2.79 percent to 39 pounds.

 


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