As GCC-Egypt Investment Forum Day 2 Kicks off, Egyptian Shares Open Higher

As an economic forum is being held in Cairo nowadays to allure Gulf investments to the cash-strapped North African country, Egyptian stocks went on their winning streak for the second day in a row posting opening gains of EGP 1.26 billion. The benchmark index has also opened higher to cross 6330 points on Thursday.

The second day of the Gulf-Egyptian Investment Forum 2013 will be launched today under the auspices of Egypt’s Prime Minister Hazem El-Beblawi.

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

The Benchmark EGX30 inched up by 0.83% to 6333.75 p; while EGX20 also increased by 0.53% to 7362.45 p.

Additionally, the mid- and small-cap index, the EGX70 advanced by 0.33% to 523.99 p.  Price index EGX100 hiked by 0.33% to 878.85 p.

The capital market has opened at EGP 407.461 billion on Thursday, according to data compiled by Amwal Al Ghad English at 11:10 a.m. Cairo time (09:10 GMT).

Trading Volumes & Values

The trading volume has recorded 12.703 million securities worth EGP 29.481 million, exchanged through 1428  transactions during Thursday opening.

Also during the opening session, 80 listed securities have been traded in; 5 fell, 48 advanced; while 27 keeping their previous levels.

Investors’ Activities

Arabs and the non-Arab foreigners were net buyers seizing 6.81% and 10.64% respectively of the total markets, with a net equity of EGP 1.485 million and EGP 2.381 million respectively, excluding the deals.

Meanwhile, Egyptians were net sellers acquiring 82.55% of the total market, with a net equity of EGP 3.867 million, excluding the deals.