Egypt’s stock exchange passed the 7500-point mark for the first time in 19 months on Monday, with foreign and Arab investors continuing to buy as their Egyptian counterparts continued selling.
The EGX 30 index went up by 0.9 percent–67 points–to close the session at 7515. The price index fell by 0.3 percent, meanwhile, with stocks of 116 companies falling as 50 gained in value. Total transactions for the day amounted to LE1.6 billion, of which 40 percent were by corporations.
Trades on Orascom Telecom (OT) reached LE420 million for the day despite a minor drop in the company’s share price. OT officials announced on Sunday that the firm’s Algerian branch had paid US$113 million in taxes to the Algerian government, which represented the final installment of a total of US$597 million in taxes due for the period between 2005 and 2007, excluding late payment fees in the amount of US$74 million.
Branch Managing Director Tamer el-Mahdy said that Algerian courts had not yet announced the date on which they planned to rule on a lawsuit filed by OT against the Algerian Tax Authority.
Shares of Pioneers Holding, EFG-Hermes and Commercial International Bank all rose between 0.2 and 5 percent for the day, while Orascom Construction Industries, Sweidy Cables and Talaat Mostafa Group shares all suffered slight decreases in value.
Meanwhile, trading on shares of Arab Investment for Development were canceled after the Arab Investment Bank sold its 37.6-percent stake and the Egyptian Gulf Bank sold its 25.8-percent stake in the company.
Translated from the Arabic Edition.
