EGX Indices Opened This Week In Green On Hermes-QInvest Deal Optimisms

The Egyptian Exchange (EGX) has opened this week posting early gains of EGP 166 million powered by the state investment minister’s remarks on finalizing the Hermes-QInvest pending strategic alliance this week.

The capital market has amounted to EGP 357.319 billion, according to data compiled by Amwal Al Ghad English at 11:09 a.m. Cairo time (09:09 GMT) during Sunday’s  opening session.

The EGX indices opened in green notes on Sunday’s opening.

Benchmark EGX30 inched up by 0.62% to 5257.69 p; while EGX20 climbed by 1% to 6087.04 p.

Meanwhile, the mid- and small-cap index, the EGX70 rose by 0.33% to 449.93 p.  Price index EGX100 edged up by 0.37% to 750.67 p.

During Sunday’s  opening session, the trading volume has reached 6.096 million securities worth EGP 25.691 million, exchanged through 1.841 transactions.

This was after trading in 71 listed securities; 5 declined, 42 advanced; while 24 keeping their previous levels.

Egyptians’ opening buying transactions backed EGX’s gains as they were net buyers seizing 97.05% of the total markets, with a net equity of EGP 1.974 million excluding the deals.

Meanwhile, the non-Arab foreigners’ and Arabs were net sellers seizing 1.91% and 1.03% respectively, of the total markets, with a net equity of EGP 946.157 thousand and EGP 1.028 million, excluding the deals.

Hermes-Qinvest Deal Seen Before 3rd May, Stocks Surged

Egypt’s Investment Minister, Osama Saleh, said in a statement on Saturday some measures are being taken in EFG-Hermes and Qlnvest strategic alliance seeking finalize the deal by the end of the current week.

The Minister added that it is scheduled to announce the final decision as regard to the long-standing takeover deal before the partnership deadline between the two firms that will be ended in the coming May.

EFG-Hermes (HRHO.CA)’s stock climbed on Sunday’s opening 2.78% to EGP 10.34.