As Egypt Receives Saudi Loan, Stocks Gain EGP1.8 bln – Midday

Egypt’s stock market went further higher for the second day in a row for this week posting midday gains of EGP 1.8 billion backed by Arab buyers on Monday.

Accordingly, the benchmark further surged above 5450 pts.

The Egyptian Exchange’s indices were trading in green notes on Monday noon.

Benchmark EGX30 surged by 0.68% to 5456.1 p; while EGX20 edged up by 0.92% to 6366.17 p.

On the other hand, the mid- and small-cap index, the EGX70 rose by 0.80% to 436.97 p.  Price index EGX100 advanced 0.63% to 748.26 p.

The capital market has reached EGP 362.475 billion during the midday session of Monday, according to data compiled by Amwal Al Ghad English at 12:25 p.m. Cairo time (10:25 GMT).

Trading Volumes & Values

The trading volume has recorded 89.675 million securities worth EGP 261.425 million, exchanged through 12.789 thousand transactions during Monday midday.

Investors’ Activities

Local and

Following the news that the Egyptian Central Bank has received US$ 2 billion Saudi loan in the form of a five-year interest-free loan, Arab investors remained net buyers seizing 11.64% of the total markets, with a net equity of EGP 21.328 million excluding the deals.

Meanwhile,  Egyptian and the non-Arab foreigners were net sellers during midday seizing 68.8% and 19.56% respectively, of the total markets, with a net equity of EGP 8.616 million and EGP 12.711 million, excluding the deals.

Saudi Loan

Egypt’s central bank has received $2 billion in Saudi funds in the form of a five-year interest-free loan, the bank’s governor Hisham Ramez said on Sunday.

The funds deposited with the bank are part of a $5 billion aid package to Egypt that Saudi Arabia pledged on July 9 after the Egyptian army overthrew President Mohamed Morsi.

The aid will also include $2 billion in energy products and $1 billion in cash.