CAIRO, 15 July 2003 — Egyptian shares firmed to new three-year highs yesterday, as hopes of fresh foreign investor interest in banks and cements and signs of economic recovery boosted sentiment, brokers and analysts said.
“The market is still on an uptrend. Retailers are bullish about the market and foreigners have started to come back,” said Ahmed Roushdy, supervisor of marketing and international sales at CIBC Brokerage.
The benchmark Hermes index last traded up 19.24 points, or 0.2 percent, at 9,079.51, edging up to a new high since July 2000, after soaring about 70 percent since the start of the year. The broader CIBC index gained 0.71 point, or 0.9 percent, to last trade at 80.99.
Shares in Watany gained yesterday amid some speculation of a local merger or foreign bank acquiring a stake in the bank, two banking analysts said. The stock last traded 1.22 pounds ($0.20), or 13.9 percent, firmer at 9.99 pounds, closing officially at 10.04 after touching an intraday high of 11.