CAIRO: Egypt s shares rose on Sunday led by gains in Heliopolis Housing and investment bank EFG-Hermes and boosted by an increased appetite in the international equity market, dealers said.
Heliopolis Housing, the second most heavily traded stock by turnover, soared 30.4 percent to close at LE 539.50 following roughly three weeks of steady declines.
Heliopolis (Housing) took up most of the housing stocks with it, and the market rallied on the back of this. Yasser Hassanein of Dynamic Securities said.
Another trader, speaking on customary condition of anonymity, said Heliopolis shares had jumped after a trader sent a memo to clients that valued the company s shares at LE 1,500 to 2,000.
People took the idea to the extreme, so it had an impact on the share price, the trader said.
Overall, Egypt s benchmark Hermes Index closed 1.8 percent up at 70,389.03 points, while the broader CIBC-100 closed 2.4 percent up at 355.90 points. The well-watched Case30 Index closed 2.1 percent higher at 7,897.83 points. Medinet Nasr Housing closed 10.3 percent up at LE 330.02, while Sixth of October Development and Investment closed 6.2 percent higher at LE 147.
Mohamed Kotb of Jazira Asset Management said an increased appetite for international equity also helped lift Egypt s shares.
Equity markets worldwide rebounded on Thursday and Friday, triggering an appetite to buy shares that are fundamentally strong, Kotb said, citing the example of EFG-Hermes.
Shares in EFG-Hermes, the most heavily traded stock by turnover, closed 3.9 percent up at LE 44.80 pounds.
