[2008-02-18]  Egypt bourse inches up, Egyptian Financial surges
Egypt's main indexes edged up on Sunday amid mixed performance from blue chips as shares of Egyptian Financial and Industrial Company soared on enthusiasm for the fertilisers sector, brokers said.
The stock jumped 14.6 percent to last trade at 215.30 Egyptian pounds ($39.22) on Sunday after gaining more than 10 percent in the previous two sessions.
"Prices of fertilisers are shooting up and the Egyptian Financial and Industrial is one of the very few companies of the sector in Egypt," said Hossam Abdel Rahman of Optima Securities.
"Strong retail buying continued on the stock pushing up its price," he added.
On Wednesday Prime research raised its price target on the company, Egypt's third largest listed fertilisers company by market value, to 236.3 pounds while Beltone Financial has put its 12-month fair value at 260.16 pounds.
Shares in Paint and Chemicals Industries (Pachin) rose 2.2 percent to 56.01 pounds after the company said its profits for the first half of the fiscal year jumped 12.6 percent.
Some big caps were in the green as Orascom Construction Industries (OCI) gained 2 percent to 585.75 pounds and Telecom Egypt rose 0.6 percent to last trade at 21.26 pounds.
Overall, the benchmark Case 30 index edged up 0.2 percent to 10,339.74 points after rising 3.7 percent in the previous two sessions.
"Now, whenever the market goes up people are watching for a correction and that's why some people started selling today," Abdel Rahman said.
Brokers said declining global depository receipts in London on Friday also affected some market heavyweights.
Regional mobile phone operator Orascom Telecom lost 0.3 percent to 79.50 pounds after its GDR shed 3.1 percent to $71 and EFG-Hermes was down 0.4 percent at 61.05 pounds after a GDR slide of 4.2 percent to $21.55.
The Hermes index was 0.5 percent up to 91,126.55 points, while the broader CIBC index ended 0.8 percent higher at 441.50 points.
Source: © Guardian News and Media Limited 2008