As Egypt Unveils Polls Plan, Stocks Gain EGP8 bln at Midday

Egypt’s stock market remarkably posted gains of EGP 8.7 billion by the midday session of Tuesday powered by the interim administration’s constitutional declaration on late Monday. Egypt’s benchmark climbed by 3.35%.

Egypt’s new interim president Judge Adly Mansour issued late Monday a swift timetable for the constitution amendment, setting parliamentary and presidential elections for early 2014.

Amendments to the current constitution would first be made by a panel of judges and law professors, followed by a second committee made up of various segments of the Egyptian population and political parties.

The Egyptian Exchange’s indices were wavering on green notes on Tuesday.

Benchmark EGX30 climbed by 3.35% to 5294.5 p; while EGX20 jumped by 4.39% to 6078.15 p.

On the other hand, the mid- and small-cap index, the EGX70 soared by 3.79% to 417.38 p.  Price index EGX100 inched up by 3.19% to 722.85 p.

The capital market has reached EGP 351.999 billion during the midday session of Tuesday, according to data compiled by Amwal Al Ghad English at 12:32 p.m. Cairo time (10:32 GMT).

Trading Volumes & Values

The trading volume has recorded 79.730 million securities worth EGP 207.547 million, exchanged through 10.681 thousand transactions during Tuesday midday.

Also during the midday session, 147 listed securities have been traded in; 2 declined, 122 advanced; while 23 steadied.

Investors’ Activities

Local investors were net buyers seizing 77.75% of the total markets, with a net equity of EGP 30.813 million excluding the deals.

Meanwhile, Arabs and the non-Arab foreign investors remained net sellers seizing 5.92% and 16.33% respectively, of the total markets, with a net equity of EGP 13.779 million and EGP 17.033 million, excluding the deals.