Investors’ Optimism about Egypt’s New President Drives Stocks to Gain EGP6 billion
Celebrating al-Sisi’s presidential winning, Egypt’s stocks closed remarkably higher on Wednesday with gains totalling 6.3 billion Egyptian pounds. The local and Arab investors’ restored buying appetite pushed the main stock index, EGX30 foward to cross 8115 points by the end of today’s trading session.
Ex-army chief Abdel Fattah al-Sisi was officially announced Egypt’s president on Tuesday, almost a year after he overthrew former Islamist President Mohamed Morsi following a mass rally.
Egypt’s al-Sisi won 96.9% of the votes in the presidential election, the Presidential Election Commission stated on Tuesday; while his rival Hamdeen Sabahi won just 3% of the vote, excluding spoiled ballots.
Meanwhile, the EGX indices were booming in green notes during the closing session of Wednesday.
Indices
Egypt’s benchmark index EGX30 ended 1.92 per cent higher to 8116.19 pts; while EGX20 finished 2.15 per cent up to 9765.81 pts.
In addition, the mid- and small-cap index, the EGX70 climbed by 2.20 per cent to end at 577.45 pts. The price index EGX100 pushed up by 1.96 per cent to conclude at 1009.38 pts.
Furthermore, the market capitalization recorded EGP 470.460 billion on Wednesday.
Turnovers Cross EGP1 Billion
Through the closing session of Wednesday, the trading volume has reached 351.750 million securities, with turnovers worth EGP 1.163 billion, exchanged through 32.607 thousand transactions.
Also during the closing session, 177 listed securities have been traded in; 19 declined, 139 advanced; while 17 kept their previous levels.
Investors’ Activities
Egyptian and Arab investors were net buyers capturing 83.35% 6.54% respectively of the total markets, with a net equity of EGP 9.199 million and EGP 7.503 million respectively, excluding the deals.
On the other hand, the non-Arab foreign investors were net sellers seizing 10.11% of the total market, with a net equity of EGP 16.702 million, excluding the deals.
