Egypt Stocks Gain EGP4 bln Powered by New Premier Appointment
As new interim government has been finally formed, Egypt’s stock market continued its rally for the second successive day posting gains of EGP 4.3 billion. Egypt’s benchmark edged 0.8% higher during the midday session of Wednesday.
Economist Hazem El-Beblawi, a compromise candidate supported by a key Islamist party, was named Egypt’s interim prime minister Tuesday afternoon.
Interim President Adli Mansour also appointed former U.N. nuclear agency chief Mohamed ElBaradei as deputy to the president, responsible for foreign affairs, spokesman Ahmed El-Musalamani said.
Egypt’s hard-line Islamist Al-Nour Party, which has objected to several candidates put forward by the military-backed interim government, had thrown its support behind El-Beblawi’s appointment. The party said it was still studying ElBaradei’s appointment.
The Egyptian Exchange’s indices were wavering on green notes on Wednesday noon.
Benchmark EGX30 edged higher by 0.86% to 5335.64 p; while EGX20 climbed by 1.87% to 6190.44 p.
On the other hand, the mid- and small-cap index, the EGX70 soared by 2.78% to 435.74 p. Price index EGX100 inched up by 1.94% to 743.1 p.
The capital market has reached EGP 356.466 billion during the midday session of Wednesday, according to data compiled by Amwal Al Ghad English at 12:18 p.m. Cairo time (10:18 GMT).
Trading Volumes & Values
The trading volume has recorded 102.736 million securities worth EGP 308.328 million, exchanged through 12.633 thousand transactions during Wednesday midday.
Also during the midday session, 142 listed securities have been traded in; 3 declined, 118 advanced; while 21 steadied.
Investors’ Activities
Local and Arab investors were net buyers seizing 75.04% and 4.41% respectively, of the total markets, with a net equity of EGP 21.206 million and EGP 7.431 thousand, excluding the deals.
Meanwhile, the non-Arab foreign investors remained net sellers seizing 20.55% of the total markets, with a net equity of EGP 21.213 million excluding the deals.
