EGX 30 Crosses 5360 at Open Bolstered by OCI NV Deal

Egypt’s stocks bloomed during the opening session of Tuesday posting gains of EGP 4.4 billion bolstered by the OCI N.V.’s extended tender offer. The benchmark index crossed 5360 pts on Tuesday morning.

OCI N.V. said it will extend to all eligible shareholders of  Orascom Construction Industries (OCI S.A.E.) two periods wherein such shareholders may accept an Exchange Offer to convert into OCI N.V. or a Cash Alternative of EGP 255 per share (the “Offer”).

The Egyptian Exchange’s indices were wavering this morning in green notes during the opening session of Tuesday.

The Benchmark EGX30 jumped by 2.28% to 5364.83 p; while EGX20 climbed by 2.03% to 6213.67 p.

On the other hand, the mid- and small-cap index, the EGX70 inched up by 1.65% to 457.53 p.  Price index EGX100 surged by 1.58% to 769.08 p.
The capital market has opened at EGP 361.404 billion on Tuesday.

Trading Volumes & Values

The trading volume has recorded 30.883 million securities worth EGP 98.833 million, exchanged through 4280 transactions during Tuesday opening.

Also during the opening session, 113 listed securities have been traded in; 2 fell, 96 advanced; while 15 keeping their previous levels.

Investors’ Activities

Egyptians were net buyers backing EGX’s gains as they seized 85.12%, of the total markets, with a net equity of EGP 6.117 million excluding the deals.

Meanwhile, the non-Arab foreigners and Arabs were net sellers seizing 8.02% and 6.86% respectively of the total markets, with a net equity of EGP 1.229 million and EGP 4.888 million respectively, excluding the deals.