Stocks rose Sunday fuelling speculation the market could surpass 6000 points

after Eid

Egypt's Bourse continued to rise on Sunday, ending the only day of trading this week

ahead of the Eid holiday in the green, and hitting its highest level in a year.

The main benchmark EGX30 rose 0.93 percent, recording 5.986 points. Turnover was

modest however, at LE 477 million ($68.1 million).

"It's a good turnover; investors are optimistic and expect another rise after the holiday,"

Issa Fathy, vice president of the securities division at Cairo's Chamber of Commerce,

told Ahram Online.

Fathy estimates that the US government shutdown has contributed to increasing

investor appetites for Egyptian stocks out of fear the dollar might weaken. 

If the market rises next Sunday after reopening, it will probably exceed 6000 points.

Fathy expects an upward trend until the end of the year, to be interrupted by slight

decreases for price correction and profit taking.

"There might be resistance in the market at 6200 points, but once this is surpassed,

it could jump to 7000 points before the end of the year," Fathi adds.

The real Estate sector led the market in terms of turnover, with Six of October

Development & Investment (SODIC) gaining 2.91 percent and Heliopolis Housing

gaining 2 percent.

The related construction and materials sector also saw increases, with Ezz steel

gaining 3.16 percent.

Biggest market cap CIB Commercial International Bank (Egypt) gained 1percent, while

Orascom Telecom Media and Technology Holding rose 3.28 percent.

Foreigners and other Arabs closed as net buyers, while domestic investors closed as

net sellers.

Out of 180 listed stocks, 122 gained in value and 36 declined. 

The EGX70 gained 0.77 percent.