Egypt stocks end this week with $555mn gains on central bank’s move

Egypt’s stock market surged Thursday with gains estimated at 4.352 billion Egyptian pounds (US$ 555 million) on Egyptian buying appetites hoping the central bank will resolve the country’s dollar shortage.

In the first clear step since starting his tenure this week, central bank governor Tarek Amer cleared on Tuesday the entire backlog owed to foreign investors with $547.2 million.

Additionally, Egypt’s central bank will inject dollar liquidity into the market this month and plans an exceptional foreign exchange auction soon to boost dollar liquidity, Amer told Egyptian presidency said late Wednesday.

The market capitalisation has recorded 428.573 billion pounds during the closing session of Thursday.

Indices

Egypt’s benchmark index, EGX30 climbed 1.95 percent to 6779.28 points.

EGX50 EWI index has edged up 1.51 percent to 1140.48 points.

EGX20 jumped 2.57 percent to 6647.84 points.

In addition, the mid- and small-cap index EGX70 hiked 0.70 percent to 362.91 points. The price index, EGX100 grew 1.84 percent to 770.79 points.

Turnovers high

On Thursday the bourse’s trading volume hit 316.142 million securities, with turnovers closed at 851.206 million pounds, exchanged through 24,404 thousand transactions.

Also during the closing session, 171 listed securities have been traded in; 40 declined, 99 advanced; while 29 kept their previous levels.

Investors’ Activities

Local investors were net buyers Thursday capturing 78.7 percent of the total market, with a net equity of 53.289 million pounds, excluding the deals.

On the contrary, Arab and foreign investors were net sellers seizing 9.82 percent and 11.48 percent respectively of the total markets, with a net equity of 15.500 million pounds and 37.788 million pounds, respectively, excluding the deals.