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Egypt rises, breaking 8-day losing streak.

CAIRO: Egypt's benchmark index advances with low volumes, breaking an eight-session losing spree that traders said was caused by investor concerns over the country's political turmoil.

Pioneers Holding leads the rally on speculation the investment bank may be close to selling its stake in a property developer.

Traders say the index was little affected by an Islamist show of strength during demonstrations across the country on Friday and that investors were pleased they ended without violence.

"People expected worse," says Osama Mourad of Arab Finance Brokerage.

Analysts had said political uncertainty, including that surrounding the trial on Wednesday of ousted President Hosni Mubarak, was likely to keep volumes thin this week.

The index gains 0.3 percent to 5,036 points.

Trade was slow ahead of the start on Monday of the Muslim month of Ramadan.

"The market is really quiet," says Omar Ascar of Cairo Capital Securities.

Pioneers Holding jumps 7.3 percent. There is speculation in the market the company may be about to sell its stake in El Kahera Housing, traders say. El Kahera sheds 0.2 percent.

Orascom Construction Industries gains 0.9 percent after the International Finance Corporation (IFC) agreed to an investment and equity package with the firm worth $450 million.

Credit Agricole Egypt , which said first half net profit fell 30 percent, jumps 2.2 percent.

Daily NewsEgypt 2011

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Publication:Daily News Egypt (Egypt)
Geographic Code:7EGYP
Date:Jul 31, 2011
Words:234
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