Egyptian stocks gains as foreign investors go for big-caps

Egypt’s stocks made gains during the last session of the week, with benchmark EGX30 index rising 1.89 percent on Thursday to reach 5,438 points. Foreign investors showed an appetite for several big-caps, including Orascom Construction Industries (OCI), Commercial International Bank of Egypt (CIB) and Telecom Egypt (TE), which pushed the market up.   Foreign and Arab investors closed as net buyers, recording net flows of LE30.1 million ($4.3 million) and LE24.6million ($3.5 million) respectively, while domestic investors were net sellers recording a net flow of LE54.7million ($7.8 million). OCI, the biggest market cap, gained 1.44 percent, while Commercial International Bank (Egypt) and Telecom Egypt gained 2.34 percent and 2.19 respectively. Orascom Telecom Holding (OT) and TMG Holding also gained at 3.97 percent and 3.63 percent. The day’s turnover reached LE726.4 million ($103.77 million), considerably higher than the daily average over the last few weeks. Of 165 shares traded during the day, 78 gained in value while 40 lost. The broader index EGX70 gained 0.46 percent.