CAIRO: Egypt’s benchmark index ended higher for a fourth day in five, led by Palm Hills Developments, with traders expecting the market to remain relatively steady over the next few days.
The index rose 0.5 percent to 6,057 points
"The market will hover around the area we’re in," said Osama Mourad of Arab Finance Brokerage. "We are awaiting global news."
Sally Refaat of Pioneers Securities, offered a similar outlook, saying stocks will trade sideways over the coming week.
Palm Hills gained 2.9 percent, trimming its losses to 17 percent since June 20, when the developer said it had pushed back a plan to sell LE 500 million in bonds until next year.
Cigarette monopoly Eastern Co. advanced 2.5 percent, a day after its factory in Jordan came on stream.
Talaat Moustafa Group climbed 0.5 percent. An Egyptian court postponed until August 1 an appeal against a ruling that a land sale for its Madinaty project should be scrapped.
GB Auto slid 1.5 percent after having jumped 4.6 percent on Tuesday, when it said it was building a LE 75 million automotive logistics facility that would generate LE 60 million a year in savings and fees.
Orascom Construction lost 1.5 percent. The company said it had signed a deal to buy 100 percent of MICRO Chemie B.V., which owns and operates ammonia storage tanks.
