Egypt’s stocks ended higher on Wednesday with gains totalling 5 billion Egyptian pounds powered by MSCI’s decision not to downgrade the country from emerging market index. As a result, the main stock index, EGX30 surged crossing 8705 points.
Meanwhile, the EGX indices were wavering in green notes during the closing session of Wednesday.
Morgan Stanley Capital International – MSCI inc., a leading provider of indexes and other investment decision support tools worldwide, has announced that it is no longer considering launching a public consultation on a potential exclusion of the MSCI Egypt Index from the MSCI Emerging Markets Index.
MSCI added, in its annual market classification review for 2014, that it was due to the substantial increase in Egyptian foreign currency reserves.
Egypt’s benchmark index EGX30 ended 1.65 per cent higher to 8708.69 pts; while EGX20 finished 1.56 per cent up to 10543.6 pts.
In addition, the mid- and small-cap index, the EGX70 hiked by 1.05 per cent to end at 608.62 pts. The price index EGX100 inched up by 1.14 per cent to conclude at 1068.92 pts.
Furthermore, the market capitalization recorded EGP 493.779 billion on Wednesday.
Turnovers Cross EGP 1 Billion
Through the closing session of Wednesday, the trading volume has reached 247.512 million securities, with turnovers worth EGP 1.721 billion, exchanged through 31.473 thousand transactions.
Also during the closing session, 183 listed securities have been traded in; 30 declined, 130 advanced; while 20 kept their previous levels.
The non-Arab foreign investors were net buyers on Wednesday capturing 8.58% of the total market, with a net equity of EGP 64.054 million, excluding the deals.
On the other hand, Egyptian and Arab investors were net sellers seizing 86% and 5.41% respectively of the total markets, with a net equity of EGP 53.863 million and EGP 10.191 million respectively, excluding the deals.