Egypt Benchmark Nears 5420 pts at Closing Despite Unrest
Egypt’s stocks have ended higher on Sunday extending its midday gains to eventually reach EGP 4.45 billion despite the ongoing unrest. The benchmark surged by the beginning of this week to near 5420 pts on Sunday.
The Egyptian Exchange’s indices were wavering in green notes during the closing session of Sunday.
Egypt’s benchmark index EGX30 inched up by 1.36% to close at 5419.17 p; while the EGX20, it climbed by 1.74% to end 6307.89 p.
Meanwhile, the mid- and small-cap index, the EGX70 soared by 1.95% to conclude 433.51 p. The price index EGX100 pushed up by 1.50% to finish at 743.6 p.
The capital market has closed at EGP 360.651 billion on Sunday.
Foreign Selling Pressures Still Cited
The non-Arab foreigners and Arabs were net sellers on Sunday seizing 6.35% 7.1% respectively, of the total markets, with a net equity of EGP 13.467 million and EGP 3.735 million, excluding the deals.
Meanwhile, Egyptians were net buyers backing EGX’s closing gains. Egyptian net buyers seized 86.55% of the total markets, with a net equity of EGP 17.203 million excluding the deals.
Higher Traded Volumes & Trades
Through the closing session of Sunday, the trading volume has reached 115.263 million securities. For the traded value, it hit EGP 280.608 million, exchanged through 16.678 thousand transactions.
Also during the closing session, 160 listed securities have been traded in; 13 declined, 132 advanced; while 15 keeping their previous levels.
Post-Morsi Cabinet Convenes
Egypt’s interim cabinet has convened for the first time today, facing a raft of challenges from reviving the economy to restoring security as supporters of ousted President Mohamed Morsi vow more protests.
Egyptian Prime Minister Hazem el-Beblawi preceded the meeting with a call for reconciliation and dialogue, an offer that Morsi’s Muslim Brotherhood has repeatedly rebuffed since the military ousted the Islamist leader on July 3 following mass protests.
“It’s time for agreement and consensus,” El Beblawi, a former finance minister, said in an interview on state-run television last night. He likened Egypt’s struggle to restore security and revive economic growth to a war effort.
