EGX 30 Rallies Again, Nears 5380 Pts; Opening Following New Cabinet
The Egyptian Exchange (EGX) has continued its rally for the second day after posting opening gains on Wednesday of EGP 176 billion powered by the cabinet reshuffle and the anticipated re-launch of the same-day trading (T+0).
The capital market has amounted to EGP 362.738 billion, according to data compiled by Amwal Al Ghad English at 11:10 a.m. Cairo time (09:09 GMT) during Wednesday’s opening session.
The EGX indices were wavering in green notes during the opening session, except for the mid- and small-cap index, the EGX70 which solely fell.
Benchmark EGX30’s up-swing trends towards the 5300 pts level opening by 0.12% higher to 5378.98 p; while EGX20 rose by 0.16% to 6171.59 p.
Meanwhile, the mid- and small-cap index, the EGX70 sagged by 0.11% to 453.48 p. Price index EGX100 edged up by 0.01% to 761.07 p.
During Wednesday’s opening session, the trading volume has reached 6.127 million securities worth EGP 23.524 million, exchanged through 981 transactions.
During the opening session, 76 listed securities have been traded in; 17 declined, 19 advanced; while 40 steadied.
The non-Arab foreigners and Arabs’ buying transactions have backed EGX’s opening gains as they were net buyers seizing 40.62% and 4.55% respectively, of the total markets, with a net equity of EGP 1.368 million and EGP 181.981 thousand, excluding the deals.
Meanwhile, Egyptians were net sellers seizing 54.83% of the total markets, with a net equity of EGP 1.550 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.
