Egyptian stock exchange gains 1%

The Egyptian stock market gained a meager 1 percent Thursday as a wave of buying by Egyptian and Arab investors was offset by sales on the part of foreign investors.

The EGX 30 index rose by 60 points to close at 6192 points in a trading day that saw 79 company shares lose value against 87 gainers, amid trades worth a total of LE1.2 billion. CIB’s London stock exchange deposits rose by 0.9 percent, while Orascom Telecom Holding shares went up 0.5 percent.  

Meanwhile, the Dubai stock exchange rose by 7 percent for the first time since the Dubai debt crisis was announced three weeks ago. The rise was partly attributed to a decision by Dubai-based property developer Emaar not to go through with a proposed merger deal with the ailing Dubai Holding.

Emaar shares went up 15 percent on the news to alight at 2.94 Dirhams per share in a day that saw 95 million shares traded at a total value of 255.5 million Dirhams.

Translated from the Arabic edition.

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