EGX 30 Climbs 1.23%, Ends Above 5800 Pts Backed By Arab Buyers
The Egyptian Exchange (EGX) has doubled its early gains to EGP 2.31billion during Tuesday’s closing session. The capital market has reached to EGP 390.480 billion.
The EGX indices closed in green.
The main index, EGX30 climbed by 1.23% to end at 5804.24 p. EGX20 surged by 0.92% to close at 6704.3 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched up by 0.59% to conclude at 501.26 pts. Price index EGX100 rose by 0.72% to finish at 840.65 p.
During Tuesday’s closing, the trading volume has reached 189.111 million securities worth EGP 619.839 million, exchanged 29.415 thousand transactions.
This was after trading in 179 listed securities; 58 declined, 99 advanced; while 22 keeping their previous levels.
EGX’s gains were backed by Arabs’ buying transactions as they were net buyers seizing 9% of the total markets, with a net equity of EGP 36.764 million excluding the deals.
On the other hand, Egyptians and the non-Arab foreigners were net sellers seizing 74.07% and 16.93% respectively, of the total markets, with a net equity of EGP 20.050 million and EGP 10.714 million excluding the deals.
IMF Delegation Visit Over $4.8 Bln Loan:
Egyptian Prime Minister Hisham Kandil has received Monday morning the International Monetary Fund (IMF)’s delegation headed by Masood Ahmed, IMF’s Middle East and Central Asia director.
The core economic group of Egypt’s Cabinet has also attended the meeting over IMF’s $4.8 billion loan to the country.
The International Monetary Fund held “productive” discussions with Egypt about its economic strategy, a senior Fund official said on Monday after a visit to the country.
Masood Ahmed, Director Of The Middle East And Central Asia Department Of The International Monetary Fund (IMF), Visited Cairo On January 7, 2012. During His Visit, Mr. Ahmed Met With President Mohamed Morsi, Prime Minister Hisham Kandil, Central Bank Of Egypt Governor Farouk El Okdah, Finance Minister Al-Mursi Hegazy, Minister Of Planning And International Cooperation Ashraf Al-Araby, And Other Officials.
At The Conclusion Of His Visit, Mr. Ahmed Made The Following Statement:
“I Have Held Productive Discussions Today With President Morsi, Prime Minister Kandil, And Egypt’s Economic Team On The Economic And Financial Challenges Now Facing The Egyptian Economy. They Expressed Their Firm Commitment To Articulate And Implement A Homegrown Macroeconomic Program That Enjoys Broad Support And Addresses These Challenges. The Authorities Also Reiterated Their Request For Financial Support From The IMF For Such A Program.
“The IMF Remains Committed To Support Egypt In Addressing Its Increasing Economic Challenges And Moving To A More Inclusive Model Of Economic Growth Through A Socially-Balanced Homegrown Program. I Am Encouraged By The Authorities’ Commitment To Take Steps Necessary To Achieve Fiscal And External Sustainability. Following Our Discussions Today, And Based On The Work That Is To Be Carried Out, We Agreed That An IMF Technical Team Would Visit Cairo In The Coming Weeks To Resume Discussions On Possible IMF Financial Support.”
