Egypt Stocks jump Tuesday on IMF Positive Remarks

Egypt’s stocks surged Tuesday posting gains worth 6.2 billion Egyptian pounds (US$812 million) backed by IMF’s commending the country’s economic reforms.

Masood Ahmed, Director of the IMF’s Middle East and Central Asia Department, told Reuters on Tuesday that Egypt’s economic policy reforms were starting to pay off and growth was strengthening, although the country still faced a difficult situation.

The market capitalization has reached 502.282 billion pounds during the closing session of Tuesday.

Indices:

Egypt’s benchmark index, EGX30 soared by 2.04 percent to close at 8828.33 points. EGX20 pushed up by 2.62 percent to 9253.59 points.

Yet, the mid- and small-cap index EGX70 grew by 2.11 percent to 473.78 points. The price index, EGX100 advanced by 1.99 percent to 975.9 points.

Turnovers still humble
On Tuesday, the bourse’s trading volume has recorded 149.863 million securities, with turnovers closed at EGP 483.419 million, exchanged through 19.238 thousand transactions.

Also during the closing session, 172 listed securities have been traded in; 21 declined, 127 advanced; while 23 kept their previous levels.

Investors’ Activities

The non-Arab foreign investors net buyers capturing on Tuesday 23.53% of the total market, with a net equity of EGP 25.914 million, excluding the deals.

Local and Arab investors were net sellers seizing 69.1% and 7.37% respectively of the total markets, with a net equity of EGP 23.953 million and EGP 1.961 million, respectively, excluding the deals.