Egypt’s stocks ended higher on Wednesday with gains totalling 3.7 billion pounds powered by foreign buying appetite following army chief Field Marshal Abdel Fattah al-Sisi’s hint to run for president. Accordingly, the country’s main stock index – EGX30 closed higher at 8025 level.
Egyptian armed forces chief Field Marshal Abdel Fattah al-Sisi has given on Tuesday the clearest signal yet that he will run for president, saying he cannot ignore the demands of the “majority”.
“I cannot turn my back when the majority wants me to run for president,” El-Sisi said in a speech at a graduation ceremony at the Cairo war college.
He told journalists “official procedures” regarding his candidacy were expected in the coming days.
Meanwhile, the Egyptian Exchange (EGX) indices were wavering in green notes on Wednesday afternoon.
Egypt’s benchmark index EGX30 concluded 1.15 per cent higher to 8025.28 pts; while EGX20 finished 1.24 per cent up to 9642.81 pts.
Meanwhile, the mid- and small-cap index, the EGX70 increased by 0.69 per cent to close at 649.19 pts. The price index EGX100 also went up by 0.62 per cent to conclude at 1109.63 pts.
Furthermore, the market capitalization recorded EGP 490.997 billion on Wednesday.
Turnovers above One Billion Pounds
Through the closing session of Wednesday, the trading volume has reached 304.468 million securities, with turnovers worth EGP 1.055 billion, exchanged through 36.016 thousand transactions.
Also during the closing session, 186 listed securities have been traded in; 51 declined, 119 advanced; while 16 keeping their previous levels.
Foreign and Arab investors were net buyers on Wednesday capturing 5.54% 7.79% respectively of the total markets, with a net equity of EGP 7.854 million and 25.003 million respectively, excluding the deals.
On the other hand, local investors remained net sellers seizing 86.67% of the total market, with a net equity of EGP 32.858 million, excluding the deals.
At the EGX30, Cairo-based investment bank EFG-Hermes Holding (HRHO.CA) saw its share price surge by 1.06 percent to EGP 12.44. This comes after the leading investment bank announced earlier today selling its 19 percent stake in United Arab Emirates jeweller Damas International to Qatar’s Mannai Corp for $150 million.
Market bellwether Commercial International Bank S.A.E. (COMI.CA) also inched up by 1.57 percent to EGP 36.80.
In the real estate sector, Palm Hills Development Company (PHDC.CA) pushed up by 2.68 percent to trade at EGP 3.45, Talaat Moustafa Group Holding (TMGH.CA) grew by 0.63 percent to trade at EGP 8.04, and Sixth of October Development and Investment Co S.A.E – SODIC (OCDI.CA) advanced by 0.95 percent to close at EGP 24.50.