Egypt’s stocks jumped at early trade on Monday posting gains worth 7.1 billion Egyptian pounds powered by local and non-Arab foreign investors’ buying appetite. Accordingly, the main stock index, EGX30 opened remarkably higher crossing 8125 points.
Meanwhile, the EGX indices were wavering in green notes during the closing session of Monday.
This comes after Egypt’s stock market had undergone a sharp plunge Sunday that forced a temporary suspension of trading after reports of adopting a newly proposed government tax on capital gains which experts said was hardly explained to investors.
The Benchmark EGX30 pushed up by 2.93% to 8126.36 p, and EGX20 climbed by 2.99% to 9742.08 p.
In addition, the mid- and small-cap index, the EGX70 hiked by 0.83% to 565.39 p. Price index EGX100 inched up by 1.18% to 996.85 p.
Furthermore, market capitalization reached EGP 467.410 billion, according to data compiled by Amwal Al Ghad English at 11:08 a.m. Cairo time (08:08 GMT as Egypt turned to Daylight saving time).
Trading Volumes & Values
The trading volume has recorded 36.603 million securities worth EGP 87.735 million, exchanged through 3306 transactions during Monday opening.
Also during the opening session, 97 listed securities have been traded in; 1 fell, 71 advanced; while 25 keeping their previous levels.
Egyptian and the non-Arab foreign investors were net buyers at early trade on Monday capturing 82.21% and 12.26% respectively of the total markets, with a net equity of EGP 40.222 million and EGP 5.095 million respectively, excluding the deals.
On the other hand, Arab investors were net sellers seizing 5.53% of the total market, with a net equity of EGP 5.135 million, excluding the deals.