CAIRO: The Egyptian bourse zigzagged last week, as shares inched up and down after the Case30 Index hit record highs at the start of the week.
The Case30 Index broke the threshold of 8,500 points last Sunday, reaching a new record of 8,519.5 points, as trading activities surpassed LE 1.4 billion and market capitalization soared to LE 640 billion – the highest ever in the lifetime of the Egyptian stock exchange.
As a result, profit-taking activities dominated the Index, as investors embarked on big selling operations to cash out their gains, causing the Index to slip down 0.4 percent to close at 8,486.47 points on Tuesday.
The bourse rose 0.5 percent to close at 8,469.51 points on Thursday, led by Raya Holding, EFG-Hermes Holding and the Commercial International Bank (CIB).
Following an offer by Orascom Telecom to buy all issued shares in Raya Holding at the price of LE 12 per share, Raya shares surged 5.5 percent to close at around LE 13 per share – with LE 95.82 million worth of trade.
OT shares, on the other hand, went slightly up to close at around LE 78 per share, recording a turnover of LE 242.28 million.
MobiNil shares also edged up 0.4 percent to close at LE 189.90 per share, on the back of its 3G license.
As for the financial sector, EFG-Hermes Holding shares rose by 4.38 percent to close at LE 50.72 per share – hitting a turnover of LE 704.91 million.
The CIB, one of Egypt s top private sector banks, gained 3.1 percent closing at LE 71 per share with a turnover of LE 254.27 million on rumors of an imminent move to acquire competitor Arab African International Bank.
Egyptian Resorts Company, the second most heavily traded stock by turnover after EFG-Hermes, continued a rise of 21.92 percent to close at LE 10.18 per share with a turnover of LE 623.93 million.
