Egypt Shares Surge at Open as Sisi Heads for Sweep Victory

Big 5

As ex-army chief Abdel Fattah al-Sisi is on course for a sweeping victory in Egypt’s presidential elections, stocks posted early gains on Thursday worth 1.3 billion Egyptian pounds. Accordingly, the main stock index, EGX30 also surged at early trade crossing 8585 points.

Sisi captured 92.2 percent of votes cast in more than 50 percent of polling stations, judicial sources said. His only rival, leftist politician Hamdeen Sabahi, gained 3.8 percent while 4.2 percent of votes were declared void.

The Benchmark EGX30 hiked by 0.60% to 8588.71 p, and EGX20 rose by 0.50% to 10326.06 p.

In addition, the mid- and small-cap index, the EGX70 increased by 0.44% to 608.08 p.  Price index EGX100 went up by 0.44% to 1063.21 p.

Furthermore, market capitalization reached EGP 489.771 billion, according to data compiled by Amwal Al Ghad English at 11:12 a.m. Cairo time (08:12 GMT as Egypt turned to Daylight saving time).

Trading Volumes & Values

The trading volume has recorded 64.502 million securities worth EGP 196.608 million, exchanged through 5114 transactions during Thursday opening.

Also during the opening session, 104 listed securities have been traded in; 18 fell, 61 advanced; while 25 keeping their previous levels.

Investors’ Activities

The non-Arab foreign investors were net buyers capturing at early trade on Thursday 8.18% of the total market, with a net equity of EGP 7.542 million, excluding the deals.

On the other hand, Egyptian and Arab investors were net sellers seizing 75.85% and 15.97% respectively of the total markets, with a net equity of EGP 6.126 million and EGP 1.416 million respectively, excluding the deals.