EGX Indices Slightly Open Higher, Benchmark Back To 5200 Pts Level
On Tuesday, the Egyptian Exchange (EGX) has opened trading session posting gains of EGP 461 million backed by local and Arab buying transactions.
The market was wobbled on Monday over the EGX chief’s remarks on not running of a second tenure.
Investors are looking forwards to hearing a number of official announcements about; the completion of the long-standing Hermes-QInvest deal besides reaching a final settlement agreement to end the 9-month tax disputes between Orascom Construction Industries (OCIC.CA) and tax authorities over EGP 14 billion evasion claims.
The capital market has amounted to EGP 355.433 billion, according to data compiled by Amwal Al Ghad English at 11:15 a.m. Cairo time (09:15 GMT) during Tuesday’s opening session.
Benchmark EGX30 inched up by 0.05% to 5201.56 p; while EGX20 fell by 0.03% to 6001.07 p.
Meanwhile, the mid- and small-cap index, the EGX70 rose by 0.02% to 449.74 p. Price index EGX100 edged up by 0.05% to 748.21 p.
During Tuesday’s opening session, the trading volume has reached 2.436 million securities worth EGP 15.970 million, exchanged through 997 transactions.
This was after trading in 58 listed securities; 10 declined, 19 advanced; while 29 keeping their previous levels.
Egyptians and Arabs’ buying transactions have backed EGX’s opening gains as they were net buyers seizing 50.68% and 4.81% respectively, of the total markets, with a net equity of EGP 2.965 million and EGP 163.101 thousand, excluding the deals.
Meanwhile, the non-Arab foreigners were net sellers seizing 44.52% of the total markets, with a net equity of EGP 3.128 million excluding the deals.
EGX Chief’s Departure Remarks:
Dr. Mohamed Omran has announced on Monday that he is not willing to run for a second term of office as the chairman of one of the oldest stock market established in the Middle East.
The Egyptian Exchange Chairman further stated that he has informed the country’s Prime Minister Hisham Kandil of his plans to leave office as of July 1st, 2013.
Omran’s term of office as the EGX chairman is supposed to end on July 30th, 2013.
