Market Report: Egypt stocks slightly gain, volumes drop

The Egyptian bourse gained on the last day of trading before the Eid Al-Adha holiday with stocks across the board recording positive results.

Trading volume, however, recorded a low of LE208 million ($34 million) as trading slowed due to the coming vacation. Nonetheless, the EGX30, the market's main benchmark, gained 0.79 per cent to close at 4,424 points.

"No one is keen to either buy or sell in the market because settlement will take place when the exchange reopens on Wednesday," says Mostafa Badra, a capital market expert.

Badra, however, explains that weak trading volume remains a chronic disease affecting Egypt's stock exchange.

The bourse will be closed from Sunday, 6 November, for three days until Wednesday, 9 November, marking celebrations for the Islamic feast.

Out of 181 traded shares today, 135 gained while 25 finished in teh red. Telecom Egypt, Mobinil, EFG Hermes and Citadel Capital were among the major winners growing 2.08, 1.7, 2.52 and 2.8 per cent respectively.