Egypt’s bourse rallied on Tuesday with gains totalling 5.2 billion pounds following army chief Field Marshal Abdel Fattah al-Sisi’s clearest hit to run for president. In return, the foreign buying appetite triggered Egypt’s main stock index – EGX30 crossed 7930 points during the closing session.
Egyptian armed forces chief Field Marshal Abdel Fattah al-Sisi has given the clearest signal yet that he will run for president, saying he cannot ignore the demands of the “majority”.
“I cannot turn my back when the majority wants me to run for president,” El-Sisi said in a speech at a graduation ceremony at the Cairo war college on Tuesday.
He told journalists “official procedures” regarding his candidacy were expected in the coming days.
Meanwhile, the Egyptian Exchange (EGX) indices were wavering in green notes on Tuesday afternoon.
Egypt’s benchmark index EGX30 ended 0.95 per cent higher to 7933.73 pts; while EGX20 finished 1.13 per cent up to 9524.52 pts.
Meanwhile, the mid- and small-cap index, the EGX70 climbed by 1.69 per cent to close at 644.75 pts. The price index EGX100 surged by 1.41 per cent to conclude at 1102.81 pts.
Furthermore, the market capitalization recorded EGP 487.283 billion on Tuesday.
Turnovers below One Billion Pounds
Through the closing session of Tuesday, the trading volume has reached 310.185 million securities, with turnovers worth EGP 900.616 million, exchanged through 35.012 thousand transactions.
Also during the closing session, 180 listed securities have been traded in; 40 declined, 126 advanced; while 14 keeping their previous levels.
Foreign and Arab investors were net buyers on Tuesday capturing 6.11% 7.64% respectively of the total markets, with a net equity of EGP 11.933 million and 18.184 million respectively, excluding the deals.
On the other hand, local investors remained net sellers seizing 86.25% of the total market, with a net equity of EGP 30.117 million, excluding the deals.
At the EGX30, Cairo-based investment bank EFG-Hermes Holding (HRHO.CA) saw its share price surge by 1.65 percent to EGP 12.30.
Market bellwether Commercial International Bank S.A.E. (COMI.CA) inched up by 0.92 percent to EGP 36.27.
In the real estate sector, Palm Hills Development Company (PHDC.CA) jumped by 3.96 percent to trade at EGP 3.41, Talaat Moustafa Group Holding (TMGH.CA) pushed up by 3.23 percent to trade at EGP 8.00, and Sixth of October Development and Investment Co S.A.E – SODIC (OCDI.CA) advanced by 1.84 percent to close at EGP 24.35.