Egypt Indices Embrace Army Remarks, EGX 30 Nears 5000 Pts

Following the Egyptian military’s statement over responding to the will of the nation,  the country’s stock market extended its rally to post gains totaled at EGP 11.5 billion on Tuesday.

The statement issued by Egypt’s army said it would have to intervene if the political crisis was not resolved.

The armed forces pointed out in a statement on Monday afternoon that it is giving all political forces 48 hours as a last chance to solve the ongoing problems, or else the armed forces will have to announce a new roadmap for the future, and will enforce certain measures with the help of all factions including the youth, without excluding anyone.

Cairo’s Tahrir Square erupted in party scenes reminiscent of the night Hosni Mubarak was forced from office in 2011, as hundreds of thousands of people rejoiced at an army move they believed heralded the end of President Mohamed Morsi’s rule.

Fireworks burst over the square that was the theatre for the historic 2011 uprising. Delighted protesters waved flags, sounded horns, beat drums and danced in joy at what was widely seen as an army ultimatum to the Islamist head of state.

The Egyptian Exchange’s indices were flourishing in the green notes during the closing session of Tuesday, two indices have exceeded the 5% level.

Egypt’s benchmark index EGX30 soared by 4.94% to close at 4986.81 p; while the EGX20, it jumped by 6.03% to end 5525.07 p.

Meanwhile, the mid- and small-cap index, the EGX70 pushed up by 5.74% to conclude at 380.87 p.  The price index EGX100 surged by 4.40% to finish at 671.26 p.

The capital market has closed at EGP 333.190 billion by Tuesday afternoon.

Traded Volumes & Trades

Through the closing session of Tuesday, the trading volume reached 141.118  million securities. For the traded value, it reached EGP 509.983 million, exchanged through 23.511 thousand transactions.

Also during the closing session of Tuesday, 169 listed securities have been traded in; 6 declined, 148 advanced; while 15 keeping their previous levels.

Investors’ Activity

Egyptians’ buying transactions have powered EGX’s closing gains as they were net buyers seizing 65.83% of the total markets, with a net equity of EGP 94.398 million excluding the deals.

Meanwhile, the non-Arab foreigners and Arabs were net sellers seizing 28.39% and 5.78% respectively, of the total markets, with a net equity of EGP 79.669 million and EGP 14.729 million, excluding the deals.