Egypt’s stocks ended higher on Tuesday with gains totalling 3.75 billion pounds amid Arab and non-Arab foreign buying appetite. In return, the country’s main stock index – EGX30 surged by 1.7% to cross 8105 level powered by the army chief’s plans to build a million homes for the poor.
The housing project initiative marks the first campaign-style move by Field Marshal Abdel-Fattah al-Sisi, who is widely expected to run for president.
Meanwhile, the Egyptian Exchange (EGX) indices were booming in green notes on Tuesday afternoon.
Egypt’s benchmark index EGX30 closed 1.67 per cent higher to 8109.48 pts; while EGX20 finished 2.05 per cent up to 9764.71 pts.
Meanwhile, the mid- and small-cap index, the EGX70 grew by 0.66 per cent to end at 662.27 pts. The price index EGX100 also hiked by 0.73 per cent to conclude at 1127.93 pts.
Furthermore, the market capitalization recorded EGP 495.214 billion on Tuesday.
Turnovers Still above One Billion Pounds
Through the closing session of Tuesday, the trading volume has reached 349.748 million securities, with turnovers worth EGP 1.133 billion, exchanged through 41.103 thousand transactions.
Also during the closing session, 183 listed securities have been traded in; 45 declined, 114 advanced; while 24 keeping their previous levels.
Arab and non-Arab foreign investors were net buyers on Tuesday capturing 8.02% and 6.76% respectively of the total markets, with a net equity of EGP 5.911 million and 6.478 million respectively, excluding the deals.
On the other hand, Local investors were net sellers seizing 85.23% of the total market, with a net equity of EGP 12.390 million, excluding the deals.
At the EGX30, Cairo-based investment bank EFG-Hermes Holding (HRHO.CA) saw its share price jump on Tuesday by 3.98 percent to EGP 12.80.
Market bellwether Commercial International Bank S.A.E. (COMI.CA) inched up by 1.20 percent to EGP 37.10.
In the real estate sector, Palm Hills Development Company (PHDC.CA) soared by 4.97 percent to trade at EGP 3.59, Talaat Moustafa Group Holding (TMGH.CA) also pushed up by 4.27 percent to trade at EGP 8.30, and Sixth of October Development and Investment Co S.A.E – SODIC (OCDI.CA) went higher by 2.33 percent to close at EGP 25.00.