Egypt’s stock market traded higher on Wednesday backed by local and Arab investors’ buying appetite. Main index, EGX30 rose 0.96 percent, to 8158.04 points backed as blue chip Telecom Egypt (ETEL.CA)’s shares advanced 2.7 percent. The company announced earlier that it had acquired the country’s first 4G mobile licence for 7.08 billion Egyptian pounds ($797 million), paving the way for it to become the fourth mobile provider in Egypt.
Other indices; EGX50 EWI index added 0.28 percent, to 1380.28 points; EGX20 grew 0.83 percent, to 8256.87 points.
Mid- and small-cap index EGX70 went up 0.08 percent, to 357.47 points. Price index, EGX100 increased 0.38 percent, to 807.49 points.
Market capitalisation gained 3.1 billion Egyptian pounds ($349 million), to record 413.191 billion pounds during the closing session of Wednesday.
The bourse’s trading volume reached 161.605 million securities, with turnovers, closing at 654.542 million pounds, exchanged through 16,031 transactions.
Also during the closing session, 166 listed securities have been traded in, 57 declined, 58 advanced; while 48 kept their previous levels.
Local and Arab investors were net buyers controlling 74.6 and 5.05 percent respectively of the total markets, with a net equity of 44,339 and 11.263 million pounds, respectively, excluding the deals.
On the contrary, non-Arab foreign investors were net sellers capturing 20.35 percent of the total market, with a net equity of 11.307 million pounds, excluding the deals.