Egypt stocks end week higher after World Bank’s $1bn loan promise

Egypt’s stock market closed higher Thursday posting gains worth 4.6 billion Egyptian pounds (US$587.5 million) after the World Bank said it expected to make a $1 billion development policy loan available to the country next month. It said the loan could be the first of three under a three-year programme.

The market capitalisation has recorded 423.116 billion pounds during the closing session of Thursday.

Egyptian sentiment was hammered in recent weeks by security concerns, exacerbated after a bomb claimed by Islamic State brought down a Russian airliner in Sinai Peninsula on October 31, killing all 224 people aboard.

Despite local worries, Egyptian institutional investors were net buyers, while non-Arab foreigners were net sellers.

Indices:

Egypt’s benchmark index, EGX30 climbed 2.42 percent to 6568.97 points.

EGX50 EWI index inched higher 2.22 percent to 1126.68 points.

EGX20 jumped 2.47 percent to 6451.55 points.

In addition, the mid- and small-cap index EGX70 soared 2.02 percent to 356.22 points. The price index, EGX100 grew 1.40 percent to 769.9 points.

Turnovers remain low

On Thursday, the bourse’s trading volume has hit 229.003 million securities, with turnovers closed at 530.255 million pounds, exchanged through 17,935 thousand transactions.

Also during the closing session, 167 listed securities have been traded in; 22 declined, 113 advanced; while 26 kept their previous levels.

Investors’ Activities

Local and Arab investors were net buyers Thursday seizing 62.69 percent and 13.21 percent respectively of the total markets, with a net equity of 6.940 million pounds and 6.936 million pounds, respectively, excluding the deals.

On the contrary, the foreign investors were net sellers getting 24.1 percent of the total market, with a net equity of 13.876 million pounds, excluding the deals.