Egypt Stocks Jubilant on Economic Conference Success
Egypt stock market shares gained Sunday 1.9 billion Egyptian pounds (US$249.2 million) propelled by the economic conference’s success in injecting billions of dollars worth of aid and investments in the country.
Egypt has signed deals worth a total of $38.2 billion, besides the $12.5 billion pledged by Gulf leaders, during the economic conference, Egyptian Minister of Investment Ashraf Salman said at a presser on Sunday.
The sum includes investment deals worth $33 billion and European aid and grants amounting to $5.2 billion, said Salman.
Announced investments were concentrated in the oil and gas sector and power generation sectors. The largest deal was signed with British Petroleum, which committed $12 billion to develop gas resources and condensates to develop gas resources and condensates in the West Nile Delta over four years.
Egypt has also signed Memorandums of Understanding (MOUs) for potential deals worth $92 billion at the conference, according to Salman.
Indices:
The benchmark index, EGX30 surged by 0.88 percent to close at 9726.03 points. EGX20 grew by 0.83 percent to 10619.75 points.
In addition, the mid- and small-cap index EGX70 went up by 0.36 percent to 558.29 points. The price index, EGX100 rose by 0.46 percent to 1125.36 points.
Turnovers
On Sunday, the trading volume has reached 115.620 million securities, with turnovers closed at EGP 613.071 million, exchanged through 18.301 thousand transactions.
Also during the closing session, 172 listed securities have been traded in; 45 declined, 96 advanced; while 28 kept their previous levels.
Furthermore, the market capitalization recorded EGP 525.248 billion on Sunday.
Investors’ Activities
Local investors were net buyers on Sunday capturing 82.69% of the total market, with a net equity of EGP 11.958 million, excluding the deals.
On the other hand, the non-Arab foreign and Arab investors were net sellers seizing 10.51% and 6.8% respectively of the total markets, with a net equity of EGP 34.454 million and EGP 22.496 million, respectively, excluding the deals.
