Egypt's market up as investor confidence returns: analysts

Egypt’s main market index rose in Wednesday’s trading session as its biggest caps achieved gains and investor confidence returned, say analysts.

The EGX30 rose 0.67 percent to register 8080 points.

“The main index was driven up by Pioneers, Hermes and TMG performances, as well as news of El-Sisi’s submission of his presidential candidacy papers,” Issa Fathy, vice-head of the securities division at Cairo's Chamber of Commerce, told Ahram Online.

On Tuesday, former army chief Abdel-Fattah El-Sisi submitted 200,000 recommendation forms to the Presidential Elections Commission to become the first presidential runner to complete all the required paperwork for electoral eligibility.

Listed stock turnover exceeded LE800 million, which was seen by Fathy as a sign of returning investor confidence in the market.

The extent of the EGX30 rise in Wednesday's session was less than the previous session due to profit taking activity by Arab and Egyptian investors, said Fathy.

Arab investors were net sellers to the tune of LE34.7 million while non-Arab foreign investors continued their buying activity to the net of LE27.5 million.

Financial services providers Pioneers Holding and EFG-Hermes both made considerable gains, rising 9.11 percent to LE13.28 per share and 2.97 percent to LE12.74 per share respectively.

Pioneers Holding is due to publish its quarterly earnings between 16 and 23 April, reported Reuters.

Real estate developer Talaat Mostafa Group (TMG) Holding, whose market capital is LE17.7 billion, was up 2.26 percent to LE8.6 per share.

Market bellwether Commercial International Bank rose 0.05 percent to LE37.4 per share.

Amer Group and Telecom Egypt were in the red falling, 1.18 percent to LE1.68 per share and 0.71 percent to LE15.4 per share respectively.

The broader EGX70 index was up 0.47 percent.