Egypt Stocks resume Rally, end week with EGP4 billion Gains

Egypt’s stocks resumed on Thursday their broad rally amid the delay of a controversial a capital gains tax. The stocks posted gains on Thursday totalling 4 billion Egyptian pounds (US$524 million).

The market capitalization has closed at 504.532 billion pounds during the closing session of Thursday.

Indices

Egypt’s benchmark index, EGX30 surged by 1.83 percent to 8988.03 points, once again rising above technical resistance at 8,860 points, its early May peak. A clear break of that level would establish a double bottom pattern, paving way for further gains.

EGX20 jumped by 2.76 percent to 9443.94 points.

In addition, the mid- and small-cap index EGX70 hiked by 1.85 percent to 480.58 points. The price index, EGX100 grew by 1.59 percent to 1003.6 points.

Turnovers higher

On Thursday, the bourse’s trading volume has hit 257.336 million securities, with turnovers closed at EGP 752.431 million, exchanged through 29.450 thousand transactions.

Also during the closing session, 171 listed securities have been traded in; 28 declined, 121 advanced; while 22 kept their previous levels.

Investors’ Activities

Local and Arab investors were net buyers on Thursday capturing 80.88% and 9.18% respectively of the total markets, with a net equity of EGP 64.849 million and EGP 5.971 million, respectively, excluding the deals.

On the contrary, the non-Arab foreign investors were net sellers seizing 9.94% of the total market, with a net equity of EGP 70.820 million, excluding the deals.