Egypt stocks surge as global markets bounce up Tuesday

Stocks in Egypt climbed Tuesday, rising along with other global markets, as slowing growth in China raised hopes for further stimulus for the world’s second-largest economy.

The bourse gained 6.5 billion Egyptian pounds (US$829.8 million) as market capitalisation has reached 392.762 billion Egyptian pounds during the closing session of Tuesday.

Indices

Egypt’s benchmark index, EGX30 climbed 2.63 percent to 6097.45 points.

EGX50 EWI index edged up 3.69 percent to 1082.27 points.

EGX20 hiked 3.30 percent to 6095.1 points.

In addition, the mid- and small-cap index EGX70 grew 3.74 percent to 354.41 points. The price index, EGX100 rose 2.32 percent to 711.23 points.

Turnovers up

On Tuesday, the bourse’s trading volume hit 349.782 million securities, with turnovers closed at 1.438 billion pounds, exchanged through 23.904 thousand transactions.

Also during the closing session, 167 listed securities have been traded in; 9 declined, 128 advanced; while 30 kept their previous levels.

Investors’ Activities

Arab investors were net buyers Tuesday controlling 4.38 percent of the total market, with a net equity of 47.720 million pounds, excluding the deals.

On the contrary, local and non-Arab foreign investors were net sellers seizing 90.8 percent and 4.82 percent respectively of the total markets, with a net equity of 1.467 million pounds and 46.253 million pounds, respectively, excluding the deals.