Egypt main index hits highest since July 2013 after currency devaluation

Egypt’s main index, EGX30 touched its highest since July 2013 following the central bank’s move to partially devalue the currency.

Egypt’s central bank said on Monday it had devalued the Egyptian pound to 8.85 per dollar at a special foreign exchange auction. It had previously set the rates at its regular and exceptional auctions at 7.73 per dollar as an average bid price.

Market capitalisation has posted gains worth 14.8 billion Egyptian pounds ($1.8 billion) during the closing session as it recorded 427.973 billion pounds.

Indices

Egypt’s benchmark index, EGX30 soared 6.70 percent to 7003.85 points.

EGX50 EWI index climbed 5.25 percent to 1286.55 points.

EGX20 surged 6.94 percent to 6973.36 points.

In addition, the mid- and small-cap index EGX70 hiked 1.79 percent to 360.52 points. Price index, EGX100 edged up 3.35 percent to 758.3 points.

Turnovers high

On Monday, the bourse’s trading volume hit 711.466 million securities, with turnovers closed at 1.541 billion pounds, exchanged through 46,377 transactions.

Also during the closing session, 182 listed securities have been traded in; 19 declined, 146 advanced; while 15 kept their previous levels.

Investors’ Activities

Non-Arab foreign investors were net buyers Monday getting 12.11 percent of the total market, with a net equity of 26.871 million pounds, excluding the deals.

On the contrary, local and Arab investors were net sellers capturing 79.05 and 8.84 percent respectively of the total markets, with a net equity of 22.661 million pounds and 4.209 million pounds, respectively, excluding the deals.