Egyptian Stocks start fresh week extending Rally

Egypt’s stocks posted Sunday gains worth 4.1 billion Egyptian pounds (US$537 million), extending a broad gain started last week when the government put on hold unpopular capital gains tax.

The market capitalization has recorded 508.595 billion pounds during the closing session of Sunday.

Indices

Egypt’s benchmark index, EGX30 climbed by 1.49 percent to 9121.92 points. The benchmark closed above technical resistance at 8860 points, its early May peak, triggering a minor double bottom formed by the April and May lows and pointing up to around 9400 points

EGX20 also soared by 2.04 percent to 9637 points.

In addition, the mid- and small-cap index EGX70 grew by 1.55 percent to 488.03 points. The price index, EGX100 inched up by 1.21 percent to 1015.7 points.

Turnovers low

On Sunday, the bourse’s trading volume has hit 235.169 million securities, with turnovers closed at EGP 718.349 million, exchanged through 30.602 thousand transactions.

Also during the closing session, 181 listed securities have been traded in; 25 declined, 118 advanced; while 34 kept their previous levels.

Investors’ Activities

Local and non-Arab foreign investors were net buyers on Sunday capturing 89.07% and 4.95% respectively of the total markets, with a net equity of EGP 18.916 million and EGP 9.567 million, respectively, excluding the deals.

On the contrary, Arab investors were net sellers seizing 5.98% of the total market, with a net equity of EGP 28.483 million, excluding the deals.