✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

Egyptian stock indexes track global markets

Published 03/23/2009, 10:11 AM
Updated 03/23/2009, 10:16 AM

CAIRO, March 23 (Reuters) - Egyptian indexes rose on Monday in line with global markets, boosted by investor optimism on U.S. plans to rid banks of up to $1 trillion in toxic assets, traders said.

Details of the U.S. plan, which surfaced over the weekend, extended a nearly two-week global stock market rally fuelled by hopes that the financial system was stabilising after some of the largest U.S. banks said they had solid results in the first two months of the year.

"There's optimism from abroad on the latest plans from the U.S. to absorb bad assets and stimulate the economy. That's having a positive impact on equity markets worldwide," said Mohamed Kotb, director of asset management at Naeem Financial Investment.

Traders said renewed confidence in the market led to buying across the board.

"The market's on fire. International markets are doing very well, there was good news on the U.S. market... sentiment has improved worldwide, and here in Egypt there was buying across the board," said Karim Hosny of Pharos Securities.

The benchmark EGX 30 index rose 2.61 percent to 4,086.18 points, while the rival Hermes index added 1.94 percent to 384.19 points. The broader EGX 70 index gained 3.22 percent to 498.44 points.

Orascom Construction Industries, Egypt's largest builder by market value, led the EGX 30 up, gaining 6.57 percent to 145.75 Egyptian pounds ($25.89), while Orascom Telecom gained 5.38 percent to 26.25 pounds.

Investment bank EFG-Hermes saw its shares gain 9.19 percent to last trade at 14.62 pounds, while shares in El Sewedy Cable, the largest Arab cable maker by market value, gained 7.04 percent to 44.98 Egyptian pounds. ($1 = 5.6298 Egyptian pounds) (Writing by Aziz El-Kaissouni)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.