EGYPT: Egypt Textile Stocks Lead Egyptian Market Higher
The Egyptian traders reported Egyptian stocks inched higher on Sunday led by gains in the textile sector after the market shrugged off any potential effects of a thwarted labor strike in the Nile Delta. Nile Cotton Ginning shares jumped 18.4 percent to 35.34 Egyptian pounds ($6.48), while Arab Polavara Spinning and…
Egytex News Desk
Egytex
Overall, the benchmark CASE 30 index climbed 0.83 percent to 11,465.96 points, while the well watched Hermes index ended 0.70 percent higher at 99,941.02 points. The broader CIBC index added 1.6 percent to 554.08 points.
Security forces thwarted plans for a strike by about 20,000 textile workers in the Nile Delta on Sunday, and solidarity protests elsewhere in Egypt were blocked or failed to draw widespread support.
Shares in Egyptian Electrical Cables were also higher, gaining 7.8 percent to 3.05 pounds.
Shares in Medinet Nasr Housing rose 3.3 percent to 75.11 pounds. One dealer said traders were buying the company's shares on optimism after the firm obtained building permits for a strategic piece of land in greater Cairo.
Source: Egypt.com
From the Egytex news archive, first published on 13 May 2008. Figures and names are as reported at the time.
