Egypt: Shares Rally at Open as Voting on Referendum Started Abroad

Egyptian stocks opened higher on Wednesday posting gains worth EGP 721 million backed by early foreign buying appetite. The main index rallied during early trading to hit above 6815 points.

The stocks have resumed trading today after one-day halt on occasion of Egyptian Christians’ Christmas.

Egyptian expatriates have started voting today 8 January on the new draft constitution until 12 January, 2014.

The Benchmark EGX30 went up by 0.25% to 6818.17 p; while EGX20 also increased by 0.54% to 7949.5 p.

Additionally, the mid- and small-cap index, the EGX70 rose by 0.25% to 550.63 p.  Price index EGX100 advanced by 0.21% to 932.84 p.

The capital market has opened Wednesday sessions at EGP 430.196 billion, according to data compiled by Amwal Al Ghad English at 11:07 a.m. Cairo time (09:07 GMT).

Trading Volumes & Values

The trading volume has recorded 22.698 million securities worth EGP 52.636 million, exchanged through 2333 transactions during Wednesday opening.

Also during the opening session, 97 listed securities have been traded in; 19 fell, 40 advanced; while 38 keeping their previous levels.

Investors’ Activities

The non-Arab foreigners and Arabs were net buyers seizing 19.72% and 4.65% respectively of the total markets, with a net equity of 4.348 million and 2.825 million respectively, excluding the deals.

On the contrary, Egyptians were net sellers acquiring 75.63% of the total market, with a net equity of EGP 7.173 million, excluding the deals.