EGX 30 Closes Above 4600 Pts, CIB 4.09% Up
Amid announcing Dr. Mohamed Morsi as Egypt’s first post-revolution president, the Egyptian Exchange (EGX) went on celebrating for the second day through posting gains on Tuesday closing amounted to EGP 6.6 billion the capital market has reached EGP 335.134 billion.
Islamist Mohamed Morsi of the Muslim Brotherhood was elected president of Egypt with 51.7 percent of last weekend’s run-off vote, defeating former general Ahmed Shafiq, the state election committee said on Sunday.
He succeeds Hosni Mubarak, who was overthrown 16 months ago after a popular uprising. The military council which has ruled the biggest Arab nation since then has this month curbed the powers of the presidency, meaning the head of state will have to work closely with the army on a planned democratic constitution.
The main index, EGX30 jumped 2.89% to close at 4612.14 p. EGX20 climbed 3.34% to end at 5282.06 p.
Meanwhile, the mid- and small-cap index, the EGX70 soared 2.54% to finish at 420.2 p. Price index EGX100 surged 2.73% to conclude at 713.81 p.
Traded volume reached 152.558 million securities worth EGP 519.372 million, exchanged through 28.694 thousand transactions.
This was after trading in 182 listed securities; 23 declined and 147 advanced while 12 keeping their previous levels.
Egyptians were net buyers seizing 65.87% of the total markets, with a net equity of EGP 37.779 million excluding the deals.
Non-Arab Foreigners and Arabs were net sellers seizing 25.26% and 8.86% respectively, of the total markets, with a net equity of EGP 20.492 million and EGP 17.288 thousand excluding the deals
The market fell 10 percent over the course of the election on fears it could be derailed or marred by violence. But voting, and the announcement of Morsi’s win against Ahmed Shafik, ousted leader Hosni Mubarak’s last prime minister, passed off peacefully.
“The market is celebrating the lack of violence around this result,” said Mourad. “The market was afraid of clashes on the streets.” Osama Mourad, CEO of Arab Finance Brokerage.
Leading Shares
EGX’s leading shares witnessed collective upwards except for the shares owned by shares of Orascom Telecom Media & Technology Holding (OTMT.CA) which maintained previous levels of EGP 1.42.
Shares of Commercial International Bank- Egypt (CIB) (COMI.CA) led EGX’s upwards by going up 4.09% to close at EGP 25.43. The central bank’s decision last month to cut the local-currency reserve requirement ratio to 10 percent of deposits goes into effect today, helping free-up funds that provided no return to banks. Shares of Orascom Telecom Holding (OTH) (ORTE.CA) surged 3.02% to end at EGP 3.07. Shares of Shares owned by Orascom Construction Industries (OCIC.CA) edged up 2.87% to conclude at EGP 244.75.
Additionally, shares of EFG-Hermes Holding (HRHO.CA) climbed 1.58% to close at EGP 10.28.
