Cairo stocks start week higher after government reshuffle

Following a government reshuffle a day earlier, Egypt’s stocks ended higher Sunday posting gains of 1.8 billion Egyptian pounds (US$230 million).

President Abdel Fattah al-Sisi asked Saturday Oil Minister Sherif Ismail to name a new cabinet within a week. The government led by Prime Minister Ibrahim Mahlab had submitted its resignation shortly after authorities arrested Egypt’s agriculture minister over corruption allegations.

The market capitalisation has reached 442.851 billion pounds during the closing session of Sunday.

Indices

Egypt’s benchmark index, EGX30 grew 0.61 percent to 7082 points.

The newly-launched EGX50 EWI index inched up 0.64 percent to 1192.04 points.

EGX20 rose 0.44 percent to 6738.83 points.

In addition, the mid- and small-cap index EGX70 surged 1.34 percent to 387.22 points. The price index, EGX100 went up 0.70 percent to 828.64 points.

Turnovers start week humble

On Sunday, the bourse’s trading volume has reached 101.751 million securities, with turnovers closed at 426.713 million, exchanged through 12,825 thousand transactions.

Also during the closing session, 161 listed securities have been traded in; 32 declined, 87 advanced; while 36 kept their previous levels.

Investors’ Activities

The non-Arab investors were net buyers Sunday capturing 4.41 percent of the total market, with a net equity of 18.342 million pounds, excluding the deals.

On the contrary, local and Arab investors were net sellers seizing 92.49 and 3.11 percent, respectively of the total markets, with a net equity of 18.312 million pounds and 29,969 thousand pounds, respectively, excluding the deals.