Egypt stocks end week higher, UAE Abraaj’s unit surges in trading debut

Egypt’s market surged on Thursday as a newly listed healthcare stock performed strongly. The main index, EGX30 grew 0.6 percent, to 7617.88 points, nearing minor technical resistance at its mid-May peak of 7670 points.

The newly-listed Cleopatra Hospital Holding (CLHO.CA) jumped 6.9 percent from its initial public offer price to 9.62 Egyptian pounds on its first day of trade. Sigma Capital suggested a target price for the stock of 11.66 pounds, saying Egypt’s healthcare sector was highly regarded but lacked representation on the bourse.

Cleopatra Holding is the healthcare arm of the Emirati Abraaj Group.

Other indices; EGX50 EWI index picked up 0.77 percent, to 1403.68 points; while EGX20 surged 1.3 percent, to 7821.67 points.

Mid- and small-cap index EGX70 rose 0.35 percent, to 374.31points. Price index, EGX100 went up 0.58 percent, to 791.58 points.

Market Caps

Market capitalisation gained 2.7 billion Egyptian pounds ($304.1 million), to record 406.992 billion pounds during the closing session of Thursday.

Turnovers

The bourse’s trading volume hit 167 million securities, with turnovers, closing at 540.072 pounds, exchanged through 17 thousand transactions.

Also during the closing session, 163 listed securities have been traded in, 45 declined, 75 advanced; while 38 kept their previous levels.

Investors’ Activities

Non-Arab foreign investors were net buyers; while local and Arab investors were net sellers on Thursday.