Walaa Hazem from HC Securities highlighted that Heliopolis Housing, Sixth of October Development and Investment, and Alexandria Real Estate are the leading firms in turnover.
Heliopolis Housing saw a 4.2% increase, closing at 532.75 Egyptian pounds ($93.46) per share. Sixth of October shares rose by 2.6%, finishing at 154 pounds, while Alexandria Real Estate surged by 12.1%, closing at 485 pounds.
According to Hazem, soaring land prices have recently boosted housing stocks.
‘The issue lies in the lack of clear transparency regarding each company’s land holdings,’ he noted.
EFG-Hermes, a preferred choice for retail investors, climbed 1.5%, closing at 45.48 pounds. Hazem mentioned that this stock is notably ‘very liquid’ and frequently among the market’s most active.
Orascom Construction experienced a 0.7% increase to 366.50 pounds after announcing its Algerian unit Sorfert’s plan to construct a $1.7 billion fertilizer plant in Algeria, operational by 2010.
El Sewedy Cables also saw a rise of 5.7%, closing at 75 pounds, following the announcement of its plan to establish a smelter and refinery with a 300,000-ton annual production capacity.
El Sewedy recently revealed a $50 million power transformer plant project in Egypt and acquired Al Wataniya to enhance its power cable production.
Overall, the Hermes Index increased by 0.6%, closing at 69,769.28 points. The CASE30 Index also rose by 0.6%, reaching 7,800.37 points, and the broader CIBC index went up by 0.3%, ending at 348.30 points.
