EGX 30 Ends At 5231 Pts, Market Awaits Hermes-QInvest Completion
The foreign selling pressures have driven the Egyptian Exchange (EGX) to turn its opening gains to closing losses of EGP 937 million as the investors are in full alert to announcing the completion of the Hermes-QInvest deal.
The capital market has reached to EGP 356.216 billion during Sunday’s closing session.
The EGX indices ended Sunday in green notes.
Egypt’s benchmark index EGX30 rose by 0.12% to close at 5231.66 p; while the EGX20, it also inched up by 0.39% to end at 6050.48 p.
Meanwhile, the mid- and small-cap index, the EGX70 edged up by 0.31% to conclude at 449.81 p. Price index EGX100 advanced by 0.19% to finish 749.34 p.
During Sunday’s closing, the trading volume hit 47.176 million securities, less than Wednesday’s 68.916 million securities, representing a decrease of 21.74 thousand securities. For the traded value, it reached EGP 198.599 million, exchanged through 12.338 thousand transactions.
This was after trading in 161 listed securities; 53 declined, 66 advanced; while 42 keeping their previous levels.
Arabs and the non-Arab foreigners’ selling pressures have driven EGX’s closing losses as they were net sellers seizing 6.14% and 8.58% respectively, of the total markets, with a net equity of EGP 12.293 million and EGP 11.950 million excluding the deals.
Meanwhile, Egyptians were net buyers seizing 85.28% of the total markets, with a net equity of EGP 24.244 million, excluding the deals.
Hermes-Qinvest Deal Seen Before 3rd May, Stocks Surged
Egypt’s Investment Minister, Osama Saleh, said in a statement on Saturday some measures are being taken in EFG-Hermes and Qlnvest strategic alliance seeking finalize the deal by the end of the current week.
The Minister added that it is scheduled to announce the final decision as regard to the long-standing takeover deal before the partnership deadline between the two firms that will be ended in the coming May.
EFG-Hermes (HRHO.CA)’s stock surged on Sunday’s closing 1.39% to close at EGP 10.20.
