CAIRO: For the sixth consecutive session, the Case 30 index started off the week rising 1.9 percent, a new record high of 10,927.11 points on a turnover of LE 1,967.0 million ($358.1 million).
Al Ezz Steel Rebars climbed 4.9 percent and closed at LE 73.12 on a turnover of LE 97.9 million. The big steel producer has extended gains since it announced it won a license to build a new steel plant in Egypt. The firm revealed last week intentions to issue bonds worth LE 1.1 billion. Shares in Orascom Construction Industries (OCI) inched 3.3 percent upwards and ended the session at LE 603.64. Suez Cement also gained 3.8 percent at LE 60.27 per share.
Commercial International Bank (CIB) moved 0.6 percent higher to close at LE 92.81, while Egyptian Financial Group-Hermes (EFG-Hermes) rose 0.9 percent and closed at LE 66.87.
The bourse continued rising on Tuesday for the seventh straight session, with the index gaining 0.5 percent to a new closing high of 10,977.24 points, on a strong turnover of LE 2,066.3 million ($377.8 million).
Talaat Mustafa Group (TMG) was the most heavily traded by turnover, jumping 4.7 percent to last trade at LE 12.59 per share. Investors were quite bullish on the firm’s shares after the Capital Market Authority approved the establishment of El-Rehab Company for Securitization owned by subsidiaries of TMG Holding.
Other real estate stocks were also in the green after recent hikes in local prices of steel and fuel oil, which are expected to push up prices for real estate property.
Heliopolis Housing, Egypt s largest listed real estate firm by market value, gained 3.2 percent to LE 596.60, while Nasr City Housing and Development rose 2.7 percent to LE 72.83.
Similarly, building materials and construction constituents also edged upwards, with Misr Beni Suef Cement outperforming the sector and jumping 7.3 percent to LE 133.35. Shares in Sinai Cement rose 2.5 percent to close at LE 75.24, while Suez Cement gained 0.5 percent to LE 60.54.
Bucking the trend were shares in EFG-Hermes, which slipped 0.5 percent and ended at LE 66.54, and El-Ezz Steel Rebars lost 0.1 percent to end the session at LE 73.08.
On Thursday, the Case 30 index ended 0.2 percent down at 10,958.91 points on a turnover of LE 2.38 billion ($345.9 million).
Shares in TMG were the most heavily traded by turnover for the second session in a row, climbing 4 percent to last trade at LE 13.09 after HSBC began coverage of the firm on Wednesday with an overweight rating and a price target of LE 16.43.
Egyptian Company for Mobile Services (MobiNil) surged 4.5 percent to end the session trading at LE 219, while Telecom Egypt rose 2.6 percent to LE 23.10.
Shares in CIB bucked the trend dipping 1.3 percent to last trade at LE 92.80. Orascom Telecom and Orascom Construction Industries both declined on profit-taking, with OT slipping 0.5 percent to LE 91.90 and OCI shedding 2.6 percent to LE 594.99.
