EGX Opening Gains Hit EGP 1 Bln Amid Constitution Approval Optimisms

The Egyptian Exchange (EGX) has started the week with opening gains of EGP 1.2 billion as the capital market has amounted to EGP 375.086 billion, according to data compiled by Amwal Al Ghad at 11:17 a.m. Cairo time (09:17 GMT).

The EGX indices opened in green.

The main index, EGX30 inched up by 0.52% to 5471.54 p. EGX20 rose by 0.46% to 6321.85 p.

Meanwhile, the mid- and small-cap index, the EGX70 edged up by 0.33% to 489.31 p.  Price index EGX100 went up by 0.37% to 813.01 p.

This was after trading in 122 listed securities; 20 declined, 77 advanced; while 25 keeping their previous levels.

Arabs’ and the non-Arab foreigners’ opening buying transactions have contributed to the EGX’s rise as they were net buyers seizing 6.11% and 2.78% respectively, of the total markets, with a net equity of EGP 432.380 thousand and EGP 1.874 million excluding the deals.

On the other hand, Egyptians were net sellers seizing 91.11% of the total markets, with a net equity of EGP 2.307 million excluding the deals.

Egypt’s Islamist-backed constitution headed toward likely approval in a final round of voting on Saturday, but the deep divisions it has opened up threaten to fuel continued turmoil.

Passage is a victory for Islamist President Mohammed Morsi, but a costly one. The bruising battle over the past month stripped away hope that the long-awaited constitution would bring a national consensus on the path Egypt will take after shedding its autocratic ruler Hosni Mubarak nearly two years ago.