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Thursday, 28 July 2016

MIDEAST STOCKS-CIB's Q2 earnings aid Egypt, blue chips weigh on Gulf | Reuters

MIDEAST STOCKS-CIB's Q2 earnings aid Egypt, blue chips weigh on Gulf | Reuters:

"Egypt's largest bank helped carry the stock market higher on Thursday after it posted strong quarterly earnings, while weak results from blue chips weighed on some Gulf bourses.

The Cairo index rose 1.5 percent to 8,031 points, climbing above major technical resistance on the April peak of 7,944 points.

The market euphoria seen on Wednesday, when the index jumped 5.0 percent on news that Cairo was close to obtaining an International Monetary Fund loan of $21 billion, cooled as trading volume fell to less than half of the previous day's level. Seventy percent of traded shares dropped on Thursday."



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