EGX 30 Ends This Week Above 5230 Pts Powered By Funding Pledges

The Egyptian Exchange (EGX) has ended this week posting gains of EGP 3.6 billion backed by local and Arab buyers.

The EGX hits a two-week high after Qatar and Libya pledged $5 billion in funding to the Arab world’s most populous country.

The capital market has reached to EGP 361.024 billion during Thursday’s closing session.

The EGX indices ended this week in green notes.

Egypt’s benchmark index EGX30 surged by 1.52% to close at 5231.47 p, up for a fifth session in six since slumping to a four-month low. For the EGX20, it also soared by 2.23% to end at 6105.03 p.

Meanwhile, the mid- and small-cap index, the EGX70 climbed by 1.41% to conclude at 454.64 p.  Price index EGX100 pushed up by 1.31% to finish at 756.64 p.

During Thursday’s closing, the trading volume hit 129.362 million securities, higher than Wednesday’s 114.185 million securities, representing an increase of 15.177 thousand securities. For the traded value, it reached EGP 444.383 million, exchanged 23.071 thousand transactions.

This was after trading in 171 listed securities; 12 declined, 131 advanced; while 28 keeping their previous levels.

Egyptians and Arabs’ buying transactions have backed EGX’s closing gains as they were net buyers seizing 64.43% and 10.28% respectively, of the total markets, with a net equity of EGP 41.879 million and EGP 1.542 million excluding the deals.

Meanwhile, the non-Arab foreigners were net sellers seizing  25.29% of the total markets, with a net equity of EGP 43.421 million, excluding the deals.

Funding Pledges:

Qatari Prime Minister Sheikh Hamad bin Jassim Al-Thani said Qatar would provide an extra $3 billion on top of some $5 billion the Gulf state has already given Cairo and would extend gas supplies to Egypt this summer as needed.

Later on Wednesday, Egypt’s state news agency MENA reported that neighboring Libya had signed an agreement to give Egypt a $2 billion five-year interest-free loan “to support the Egyptian economy and the state budget and foreign currency reserves”.