Egypt’s stocks gained 971 million Egyptian pounds at midday session of Sunday powered by the beginning of the trading on Arabian Cement’s shares on the bourse. In addition, the main stock index, EGX30 exceeded 8565 points at midday trade as local investors welcome Arabian Cement shares’ debut.
Meanwhile, the EGX indices were wavering in mixed notes during the midday session of Sunday.
Fidel Sendagorta del Campillo Spanish Ambassador in Cairo, Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX), and a delegation from Arabian Cement Co headed by chairman Generoso Bertolin, inaugurated the first day of trading of Arabian Cement company’s stocks by ringing the bell of the trading session today by the company’s Chairman.
The IPO of Arabian Cement was successfully 18.5 times oversubscribed as the total amount of purchase orders reached 460.5 million shares, while the volume of shares offered for sale was approximately 24.9 million shares. Accordingly, the allocation rate reached 5.4%.
Egypt-based Arabian Cement Company’s initial public share offer is the first major listing on the Egyptian Exchange (EGX) since the 2011 political uprising.
The Benchmark EGX30 went up by 0.15% to 8566.06 p, and EGX20 rose by 0.31% to 10288.25 p.
On the contrary, the mid- and small-cap index, the EGX70 dipped by 0.09% to 620.23 p. Price index EGX100 remained flat at 1083.07 p.
Furthermore, market capitalization reached EGP 493.251 billion, according to data compiled by Amwal Al Ghad English at 13:02 p.m. Cairo time (10:02 GMT as Egypt turned to Daylight saving time).
Trading Volumes & Values
The trading volume has recorded 186.493 million securities worth EGP 635.332 million, exchanged through 20.496 transactions during Sunday midday.
Also during the midday session, 154 listed securities have been traded in; 61 fell, 63 advanced; while 30 keeping their previous levels.
Egyptian investors were net buyers capturing at midday trade on Sunday 87.42% of the total market, with a net equity of EGP 40.793 million, excluding the deals.
On the other hand, Arab investors and the non-Arab foreign investors were net sellers seizing 6.52% and 6.06% respectively of the total markets, with a net equity of EGP 2.614 million and EGP 38.179 million respectively, excluding the deals.