Egypt’s stocks rebounded to close higher on Monday with gains totalling 1.8 billion pounds powered by the army chief’s plans to build a million homes for the poor. Accordingly, the country’s main stock index – EGX30 rallied to cross 7975 points by the end of the trading session on Monday.
The housing project initiative marks the first campaign-style move by Field Marshal Abdel-Fattah al-Sisi, who is widely expected to run for president.
Meanwhile, the Egyptian Exchange (EGX) indices were wavering in green notes on Monday afternoon.
Egypt’s benchmark index EGX30 closed 0.45 per cent higher to 7975.91 pts; while EGX20 finished 0.70 per cent up to 9568.99 pts.
Meanwhile, the mid- and small-cap index, the EGX70 hiked by 0.93 per cent to end at 657.9 pts. The price index EGX100 also grew by 0.77 per cent to conclude at 1119.78 pts.
Furthermore, the market capitalization recorded EGP 491.465 billion on Monday.
Turnovers Still below One Billion Pounds
Through the closing session of Monday, the trading volume has reached 261.332 million securities, with turnovers worth EGP 813.766 billion, exchanged through 34.180 thousand transactions.
Also during the closing session, 180 listed securities have been traded in; 58 declined, 105 advanced; while 17 keeping their previous levels.
Local and foreign investors were net buyers on Monday capturing 92.71% and 2.91% respectively of the total markets, with a net equity of EGP 4.165 million and 4.209 million respectively, excluding the deals.
On the other hand, Arab investors remained net sellers seizing 4.38% of the total market, with a net equity of EGP 8.374 million, excluding the deals.
At the EGX30, Cairo-based investment bank EFG-Hermes Holding (HRHO.CA) saw its share price rise on Monday by 0.41 percent to EGP 12.34.
Market bellwether Commercial International Bank S.A.E. (COMI.CA) increased by 0.08 percent to EGP 36.80.
In the real estate sector, Palm Hills Development Company (PHDC.CA) inched up by 1.18 percent to trade at EGP 3.44, Talaat Moustafa Group Holding (TMGH.CA) also advanced by 0.63 percent to trade at EGP 8.00, and Sixth of October Development and Investment Co S.A.E – SODIC (OCDI.CA) surged by 1.32 percent to close at EGP 24.50.