By Ahmed Allam
Cairo – Mubasher: Egypt’s stock market rose on Wednesday, as the main index added 224.84 points to close above the 6,600 barrier at 6,649.72 points, with a jump of 3.5% which is the biggest gain since 18 May, 2015.
The market’s heaviest weight CIB pulled ahead by 5.57% to EGP 46.27. It came second with a traded value reaching EGP 130.6 million, after trading 2.8 million shares in 1,600 transactions.
Meanwhile, investment bank EFG-Hermes came on top with turnover reaching EGP 149.5 million, upon trading 18.7 million shares. It rose by 4.62% to EGP 8.16.
Global Telecom Holding (GTH) jumped by 10% to EGP 1.87, after 15.3 million shares in the company were traded at turnover exceeding EGP 28.4 million. The company said earlier today it was unaware of any planned buy offer from Vimpelcom for the company.
In reply to an inquiry from Cairo bourse, GTH added denied having any information about the media reports that VimpelCom offered to buy GTH shares at EGP 2.3 each.
Meanwhile, VimpelCom spokesman said in a phone call with Mubasher that he has no comment on such rumours currently.
For his part, Sherif Ismail, Head of the Egyptian Financial Supervisory Authority (EFSA) said he is not informed of any potential buy offer for GTH shares.
Market capitalisation gained EGP 8.9 billion ($1.1 billion) to close at EGP 424.1 billion, up from EGP 415.2 billion.
The small and mid-cap index EGX70 rose by 2.93% to 360.38 points, while the equal-weighted index EGX50 pulled ahead 3.01% to 1,123.55 points and the broader index EGX100 ended 2.01% higher at 756.89 points.
Wednesday’s turnover amounted to EGP 843.7 million, upon trading 397.9 million shares.
National and Arab traders were net buyers by EGP 108.9 million and EGP 29 million in a row, while foreign traders were net sellers by EGP 137.9 million.
Retail traders came in as net buyers, while institutions were net sellers.
Out of the 173 companies traded today, gainers eclipsed losers by 108 to 21, while 44 others remained unchanged.
