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Housing sector helps bourse move higher - Daily News Egypt

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Housing sector helps bourse move higher

CAIRO: Housing sector stocks, boosted by expected expansion in the sector, helped the bourse to a higher close on Sunday. Orascom Telecom, which is due to release its 2005 results on Monday, also climbed, along with EFG-Hermes. The benchmark Hermes index rose 803.81 points, or 1.4 percent, to 58,323.90 points. The broader CIBC index climbed …


CAIRO: Housing sector stocks, boosted by expected expansion in the sector, helped the bourse to a higher close on Sunday. Orascom Telecom, which is due to release its 2005 results on Monday, also climbed, along with EFG-Hermes. The benchmark Hermes index rose 803.81 points, or 1.4 percent, to 58,323.90 points. The broader CIBC index climbed 2.27 points, or 1 percent, to 232.18 points. The Hermes index is still 16 percent below the record high of 69,830.78 points it touched on Jan. 23. The sentiment is good these days. Everyone thinks the market is cheap at these levels, one trader said. Everyone is expecting stocks to bounce back to the old levels, he said. Four housing stocks led the top gainers. Medinet Nasr Housing gained LE 10.92 ($1.90), or 13.5 percent, to finish at LE 91.99. Shams Housing and Development rose LE 2.62, or 23 percent, to LE 13.90. Everybody is expecting a boom in real estate in 06, Mohamed Kotb of Prime Securities said. Orascom Telecom shares rose 6.85 pounds, or 2.1 percent, to 335.05 pounds. The firm s 2005 results are due out before 10.00 a.m. (0800 GMT). This might give another push, Kotb said. EFG-Hermes rose 4.08 pounds, or 7 percent, to 62.50 pounds. Reuters

Topics: FJP

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