Egypt stocks jump for second day on currency float move

Egypt’s stock market jumped on Sunday for a second straight day triggered by raising hopes for new inflows of funds following the central bank’s decision to freely float the local currency a week earlier.

Main index, EGX30 soared 6.12 percent, to 9349.9 points, in heavy trade to reach its highest level since April 2015. It was the index’s biggest rise since March this year.

Other indices; EGX50 EWI index also climbed 4.24 percent, to 1428.74 points; EGX20 added 3.94 percent, to 9089.85 points.

Mid- and small-cap index EGX70 surged 4.18 percent, to 365.38 points. Price index, EGX100 also inched up 3.79 percent, to 853.48 points.

Market Cap

Market capitalisation gained 11.5 billion Egyptian pounds (around $2 billion), to record 458.252 billion pounds during the closing session of Sunday.

Turnovers

The bourse’s trading volume 488.875 million securities, with turnovers, closing at 1.506 billion pounds, exchanged through 39,799 transactions.

Also during the closing session, 183 listed securities have been traded in, 30 declined, 126 advanced; while 24 kept their previous levels.

Investors’ Activities

Non-Arab foreign and Arab investors were net buyers controlling 16.15 and 9.25 percent respectively of the total markets, with a net equity of 290.642 million pounds and 39.061 million pounds, respectively, excluding the deals.

On the contrary, local investors were net sellers capturing 74.61 percent of the total market, with a net equity of 329.703 million pounds, excluding the deals.