Despite Anti-Morsi Protests Concerns, Egypt’s Benchmark Climbs 1.2% – Opening
Egypt’s stock market has rallied by the opening session of Tuesday posting gains of EGP 1.3 billion backed by early local buying transactions.
The Egyptian Exchange’s indices backed to rally after fell to the lowest in more than 10 months on Monday. The indices were back to the green zone, except of the mid- and small-cap index, the EGX70 which solely fell by the opening session of Tuesday.
Benchmark EGX30 inched up by 1.22% to 4833.96 p. EGX20 also surged by 1.24% to 5368.62 p.
On the other hand, the mid- and small-cap index, the EGX70 sagged by 0.23% to 370.4 p. Price index EGX100 rose by 0.17% to 653.29 p.
The capital market has amounted to EGP 327.268 billion, according to data compiled by Amwal Al Ghad English at 11:13 a.m. Cairo time (09:13 GMT) during the opening session of Tuesday.
Trading Volumes & Values:
The trading volume has recorded 5.646 million securities worth EGP 18.746 million, exchanged through 1265 transactions during Sunday’s midday.
Also during the opening session, 74 listed securities have been traded in; 12 declined, 36 advanced; while 26 steadied.
Investors’ Activities:
Egyptian investors were net buyers seizing 65.29% of the total markets, with a net equity of EGP 2.719 million excluding the deals.
Meanwhile, the non-Arab foreigners and Arabs were net sellers seizing 26.94% and 7.77% respectively, of the total markets, with a net equity of EGP 1.042 million and EGP 1.677 million, excluding the deals.
On Monday, Egyptian shares fell to the lowest in more than 10 months on investor concern anti-government protests will gain momentum as President Mohamed Morsi marks the first anniversary of his election.
It is worth mentioning that a group of peaceful Egyptian youth launched a campaign entitled “Tamarod” or “Rebel” last April in order to overthrow Morsi, who came to the office in 2012. Those youth, who launched the campaign, also called for massive demonstrations in 30th June 2013 across Egypt, setting up a possible confrontation with his Islamist backers.
