Egyptian stocks commenced trading higher on Thursday, gaining 1.7 billion pounds as chief army Abdel Fattah al-Sisi declared his candidacy. In return, the country’s main stock index – EGX30 also opened higher above 8520 points powered by non-Arab foreign buying appetite.
Abdel Fattah al-Sisi, the general who ended the one-year rule of Egypt’s first freely elected leader Mohamed Morsi following after mass protests against his rule, declared his candidacy on Wednesday for a presidential election he is expected to easily win.
Sisi toppled the Muslim Brotherhood-led leader last July after mass protests against his rule and has emerged as the most influential figure in an interim administration that has governed since then.
“I am here before you humbly stating my intention to run for the presidency of the Arab Republic of Egypt,” Sisi said in a televised address to the nation. “Only your support will grant me this great honor.”
A Sisi presidency would mark a return to the days when Egypt was led by men from the military, a pattern briefly interrupted by Morsi’s one year in office after his 2012 victory in Egypt’s first democratic presidential election.
Among his supporters, Sisi is wildly popular. Many see him as the kind of strong man needed to stabilize a country in crisis. But he is reviled by the Islamist opposition as the mastermind of a coup against a freely elected leader.
The Egyptian Exchange indices were wavering on green notes during the opening session of Thursday.
The Benchmark EGX30 inched up by 0.51% to 8523.59 p, and EGX20 also rose by 0.39% to 10276.76 p.
Meanwhile, the mid- and small-cap index, the EGX70 increased by 0.50% to 658.96 p. Price index EGX100 advanced by 0.45% to 1141.67 p.
Furthermore, market capitalization reached EGP 504.090 billion, according to data compiled by Amwal Al Ghad English at 11:20 a.m. Cairo time (09:20 GMT).
Trading Volumes & Values
The trading volume has recorded 83.166 million securities worth EGP 304.484 million, exchanged through 9059 transactions during Thursday opening.
Also during the opening session, 140 listed securities have been traded in; 39 fell, 72 advanced; while 29 keeping their previous levels.
the non-Arab foreign investors were net buyers at early trading on Thursday capturing 5.12% of the total market, with a net equity of EGP 17.070 million, excluding the deals.
On the other hand, Egyptian and Arab investors were net sellers seizing 90.86% and 4.02% respectively of the total markets, with a net equity of EGP 14.290 million and EGP 2.780 million respectively, excluding the deals.