CAIRO: Egypt s shares reached new closing highs on Monday led by fertilizer companies including Abou Kir on sector optimism after Dubai-based Abraaj Capital bought Egyptian Fertilizers Company, traders said.
The Case 30 Index, a benchmark for major companies listed in Egypt, closed 0.7 percent higher at 7,832.06 points, the highest closing price since Feb. 8, 2006, according to Reuters data. The benchmark Hermes index closed 0.6 percent higher at 69,851.18 points, an all-time high. Chemicals and fertilizers are up after the deal of the Egyptian Fertilizers Company, EFG-Hermes s Ahmed Hifnauy said. Dubai-based Abraaj Capitals bought Egyptian Fertilizers Company on May 31 for $1.4 billion, and the deal was lifting the market. Egyptian Financial and Industrial Co. rose 11.2 percent to LE 88.79 ($15.58) and Abou Kir Fertilizers and Chemical Industries jumped 5 percent to LE 182.85.
However, real estate stocks were among the net losers, with Medinet Nasr Housing down 5 percent to LE 305 and Heliopolis Housing down almost 2 percent to LE 490.
Real estate stocks have been rallying for a while, so we re currently seeing a correction, Ahmed El Hifnauy said.
One trader said there was demand from both local and foreign investors, especially from Americans and Europeans.
