Egypt's stock market advanced to the highest level in more than two weeks amid low turnover and steady foreign investment in shares deemed attractive.
The EGX 30 Index rose 2.6 per cent yesterday to close at 5,149.68 points, the highest level since November 22. Foreign investors bought shares after opposition parties agreed to vote in the referendum after a week of continued protests near Mohammed Morsi's presidential palace demanding revocation of the constitution.
"The agreement by the opposition to participate, even with a 'no' vote was the main reason why the market is up today," said Wafik Dawood, the head of institutional equity sales at Mega Investment Securities in Cairo. "I think the move is slightly exacerbated on low volumes and thin offers," he added.
About 470 million Egyptian pounds were traded yesterday, compared with a 20-day average of 300m pounds.
"Investors looking for long-term value investment consider this a decent entry point irrespective over the backdrop and what happened last night,"said Julian Bruce, the director of institutional equity sales at EFG Hermes.
In the UAE, the Abu Dhabi Securities Exchange General Index lost 0.5 per cent to 2603.64, while the Dubai Financial Market General Index slipped 0.09 per cent to 1,587.45.
Elsewhere in the region: Kuwait's measure added 0.1 per cent to 5932.30; Qatar's QE Index added 0.1 per cent to 8345.97; Oman's MSM 30 Index gained 0.4 per cent to 5,649.08; Bahrain's index added 0.1 per cent to 1,046.55.
The Saudi Tadawul All-Share Index moved 0.1 per cent to 6,769.96.
halsayegh@thenational.ae
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Company%20profile
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
UAE currency: the story behind the money in your pockets
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Joy%20Ride%20
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
