EGX 30 Opens This Week Above 5320 Pts Ahead Of Cabinet Reshuffle
The Egyptian Exchange (EGX) has opened this week posting early gains of EGP 1.4 billion backed by foreign buying transactions on Tuesday.
The EGX has resumed trading after the Easter and Sham Neseem holidays on Sunday and Monday.
The capital market has amounted to EGP 360.055 billion, according to data compiled by Amwal Al Ghad English at 11:09 a.m. Cairo time (09:09 GMT) during Tuesday’s opening session.
The EGX indices were wavering in green notes during the opening session, except for the mid- and small-cap index, the EGX70 which solely fell.
Benchmark EGX30 inched up by 0.88% to 5322.95 p; while EGX20 surged by 1.24% to 6099.77 p.
Meanwhile, the mid- and small-cap index, the EGX70 dropped by 0.04% to 451.12 p. Price index EGX100 edged up by 0.35% to 756.01 p.
During Tuesday’s opening session, the trading volume has reached 8.378 million securities worth EGP 30.747 million, exchanged through 1.551 thousand transactions.
On the opening session, 131 listed securities have been traded in; 8 declined, 47 advanced; while 30 keeping their previous levels.
The non-Arab foreigners and Arabs’ buying transactions have backed EGX’s opening gains as they were net buyers seizing 18.96% and 9.4% respectively, of the total markets, with a net equity of EGP 3.445 million and EGP 1.770 million, excluding the deals.
Meanwhile, Egyptians were net sellers seizing 71.64% of the total markets, with a net equity of EGP 5.216 million excluding the deals.
Egypt Bourse On Good Mode, But Few Challenges On The Horizon:
A number of capital market experts in Egypt is expecting that the indexes of Egypt’s stock market will witness on Tuesday’s trading session a downswing performance as a state of alert is haunting the market awaiting the expectant cabinet reshuffle besides the beginning of launching the stamp tax on the EGX’s daily selling and buying transactions.
The experts believe that as the stamp tax will be coming into effect this week, it will represent an extra reversal pressure on the indices’ movements. The Egyptian Exchange’s benchmark, EGX30 is likely to waver between the levels of 5300-5150 points.
The experts feel worried that the coming cabinet reshuffle would not satisfy the country’s growing opposition resulting in witnessing potential wave of violent protest once again.
