EGX 30 Climbs 2.21%, Ends Week Above 5415 Pts Backed By Morsi’s Speech

Backed by Egyptian President’s speech vowing to boost economy and to have a dialogue with the opposition, the Egyptian Exchange (EGX) has ended the week by gains of EGP 6.5 billion during Thursday’s closing session. The capital market has amounted to EGP 373.188 billion.

“I will exert my utmost efforts, together with you, to boost the Egyptian economy, which is facing big challenges but also has big opportunities for growth,” President Mohamed Morsi said. “I will make all the necessary changes needed for the task of growth, development and productivity.”

The EGX indices closed in green.

The main index, EGX30 soared by 2.21% to end at 5417.59 p. EGX20 jumped by 2.35% to close at 6237.15 p.

Meanwhile, the mid- and small-cap index, the EGX70 climbed by 1.92% to conclude at 479.37 pts.  Price index EGX100 surged by 1.85% to finish at 800.93 p.

Traded volume reached 132.859 million securities worth EGP 473.447 million, exchanged 24.496  thousand transactions.

This was after trading in 175 listed securities; 21 declined, 138 advanced; while 16 keeping their previous levels.

The non-Arab foreigners and Arabs buying transactions have contributed to EGX’s gains as they were net buyers seizing 17.73% and 10.27% respectively, of the total markets, with a net equity of EGP 30.660 million and EGP 2.533 million excluding the deals.

Meanwhile, Egyptians were net sellers seizing 72% of the total markets, with a net equity of EGP 33.193 million excluding the deals.

President Mohamed Morsi took responsibility on Wednesday for “mistakes” during the run-up to ratification of the new Constitution and urged Egyptians to appreciate the fierce disagreements about it as a “healthy phenomenon” of their new democracy.

Appealing for unity after the bitter debate over the charter, which was finalized by his Islamist allies over the objections of opposition parties and the Coptic Christian Church, Mr. Morsi pledged in a televised address to respect the one-third of voters who cast ballots against it. “This is their right, because Egypt of the revolution — Egypt’s people and its elected president — can never feel annoyed by the active patriotic opposition,” he said, bobbing his head between the camera and the lectern as he read from a prepared text. “We don’t want to go back to the era of the one opinion and fabricated fake majorities.”