EGX 30 Hits 2-Month High As New Cabinet Eyes IMF Success
The Egyptian Exchange (EGX) has extended its opening gains to end Wednesday’s session with gains of EGP 1.14 billion powered by the cabinet reshuffle and the anticipated re-launch of the same-day trading (T+0).
The EGX’s gains have been also powered by the bourse regulator’s announcement that the same-day trading settlement known as T+0 will come into force by the trading session of Thursday May 23rd, 2013.
The capital market has reached to EGP 363.699 billion during the closing session of Wednesday.
The EGX indices maintained their rally for the second day this week ending Wednesday in green notes.
Egypt’s benchmark index EGX30 inched up by 0.58% to close at 5403.93 p; while the EGX20, it also advanced by 0.76% to end at 6208.89 p.
Meanwhile, the mid- and small-cap index, the EGX70 rebounded by 0.34% to conclude at 455.51 p. Price index EGX100 rose by 0.27% to finish 763.02 p.
During Wednesday’s closing, the trading volume hit 65.551million securities, less than Tuesday’s session of 92.673 million securities, representing a decline of 27.122 thousand securities. For the traded value, it reached EGP 298.152 million, exchanged through 16.226 thousand transactions.
During the closing session of Wednesday, 164 listed securities have been traded in; 31 declined, 99 advanced; while 34 keeping their previous levels.
The non-Arab foreigners buying transactions have backed EGX’s gains as they were net buyers seizing 10.57% of the total markets, with a net equity of EGP 33.746 million, excluding the deals.
Meanwhile, Egyptians and Arabs were net sellers seizing 86.05% and 3.38% respectively, of the total markets, with a net equity of EGP 27.701 million and EGP 6.044 million excluding the deals.
On Tuesday, Egypt’s benchmark stock index surged the most in two months on investor bets a Cabinet change will boost the nation’s prospects of finalizing a loan agreement with the International Monetary Fund.
Nine new Cabinet members, including the finance and planning ministers, were sworn in by President Mohamed Morsi after he pledged changes last month. The cash-strapped Egypt has struggled for two years to obtain a $4.8 billion IMF loan amid violent protests and government instability in the fallout of the revolt that toppled Hosni Mubarak in 2011.
