Egypt bourse market cap gains $592.6mn after 2 weeks of losses

Egypt’s bourse indexes posted collective gains during Tuesday’s trading led by the industrial sector shares and backed by purchases of investors after nearly two week of losses. The market capital gained 9.5 billion Egyptian pounds ($592.6 million) to reach 696.1 billion pounds after transactions totalled 1.4 billion pounds .

The Egyptian Exchange (EGX) 30 benchmark index increased by 1.66 percent, hitting 13,627.19 points.

The broader EGX 70 index of the leading small and mid-cap enterprises (SMEs) rose 1.1 percent, standing at 527.08 points.

The all-embracing EGX 100 index went up 1.25 percent, recording 1,381.81 points.

The gain comes after nearly two weeks of losses due to lack of liquidity, a shortfall of investors appeal, and the absence of anticipated governmental initial public offerings.

Trading volumed dropped to report 46.254 billion pounds in securities during January-November, down from 60.771 billion pounds in 2018 and 77.964 billion in securities.

Market capitalization reported 705.1 billion pounds since the beginning of the year, plunging from 749.7 billion pounds in 2018, and 824.9 billion pounds in 2017.

Source: Ahram Online