1 January 2013

Egypt: Bourse Makes Impressive Recovery in 2012

Stock Exchange registers a 50.8 per cent year-to-date increase, becoming world's third best-performing stock market this year.

Egypt's stocks ended the year 2012 on a positive note, bolstering its impressive 2012 rally and putting it in third place globally in terms of per cent earnings.

The main EGX30 index closed the year at 5,462 points, up 50.8 points from the 2011 close. Despite such a notable performance, the index remains well below the pre-uprising level of 6,723 points.

The stock market started its recovery this year after it had suffered serious blows following the January 2011 popular uprising and an overall global economic downturn.

The telecom sector led the market in terms of turnover today reflecting a total gain of LE82 million, as heavyweight Orascom Telecom Holding (OTH) rose by a healthy 2.32 per cent although landline monopoly, Egypt Telecom, tumbled by 1.05 per cent.

Blue-chips Orascom Construction Industries (OCI), Commercial International Bank (CIB), Talaat Mostafa Group Holding (TMGH) and Orascom Telecom Holding (OTH) were the main market leaders for the year 2012. Their market shares are expected to continue to grow.

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