Egypt Shares Open This Week Higher As Constitutional Panel Begins Vote

As the constitutional panel began vote on the final draft of Egypt’s new constitution, Egyptian stocks have opened this week higher posting gains of EGP 2.1 billion. The benchmark index climbed by 1% on early Sunday backed by local net buyers.

Lawmakers have started on Saturday voting on the final draft of Egypt’s new constitution to mark a major step in the country’s roadmap. Achieving political stability shall reflect positively on Egypt’s economy in general and the stock market in particular.
The Benchmark EGX30 surged by 1% to 6245.83 p; while EGX20 inched up by 0.89% to 7298.75 p.

On the other hand, the mid- and small-cap index, the EGX70 increased by 0.50% to 521.2 p.  Price index EGX100 went up by 0.49% to 871.16 p.

The capital market has opened at EGP 405.123 billion on Sunday, according to data compiled by Amwal Al Ghad English at 11:02 a.m. Cairo time (09:02 GMT).

Trading Volumes & Values

The trading volume has recorded 7.589 million securities worth EGP 15.041 million, exchanged through 1041 transactions during Sunday opening.

Also during the opening session, 83 listed securities have been traded in; 1 fell, 48 advanced; while 34 keeping their previous levels.

Investors’ Activities

Egyptians were net buyers bolstering EGX’s early gains for they acquired 85.2% of the total market, with a net equity of EGP 1.361 million, excluding the deals.

Meanwhile, the non-Arab foreigners and Arabs were net sellers seizing 7.39% and 7.41% respectively of the total markets, with a net equity of EGP 143.583 thousand and EGP 1.217 million respectively, excluding the deals.