Egypt Shares Start Week Higher, Gain EGP1 bln on UAE Aid

Shares in Egypt have opened this week higher posting early gains of EGP 1.1 billion backed by Arab net buyers. The benchmark index surged to near 6200 points on Sunday.

The Egyptian Exchange’s indices were wavering in green notes during Sunday morning.

The Benchmark EGX30 inched up by 0.42% to 6197.05 p; while EGX20 solely rose by 0.48% to 7305.97 p.

Meanwhile, the mid- and small-cap index, the EGX70 increased by 0.41% to 516.71 p.  Price index EGX100 hiked by 0.41% to 868.59 p.

The capital market has opened at EGP 400.339 billion on Sunday, 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 17.177 million securities worth EGP 50.933 million, exchanged through 2517  transactions during Sunday opening.

Also during the opening session, 114 listed securities have been traded in; 9 fell, 75 advanced; while 30 keeping their previous levels.

Investors’ Activities

Egyptians and the non-Arab foreigners were net sellers as they acquired 82.27% and 3.07% respectively of the total markets, with a net equity of EGP 1.215 million and EGP 1.106 million respectively, excluding the deals.

Meanwhile, Arabs were net buyers seizing 14.66%, of the total markets, with a net equity of EGP 2.322 million excluding the deals.

UAE Aid Package to Egypt

The United Arab Emirates signed an aid agreement with Egypt on Saturday worth $4.9 billion, in another show of support from the wealthy Gulf state to Egypt’s army-backed government.

The aid package includes a $1 billion grant already sent to Egypt in July, while the rest is fresh funds to support various sectors of the economy, the UAE’s state news agency said.

A total of $12 billion has been pledged in aid from Saudi Arabia, UAE and Kuwait since then.