Welcoming Egypt’s new president, stocks closed higher on Monday earning 3.3 billion Egyptian pounds bolstered by foreign investors’ buying appetite. In addition, the main stock index, EGX30 also hiked crossing 8590 points.
Ex-chief army Abdel Fattah al-Sisi was sworn in on Sunday amid strong turnout among Gulf Arab monarchies including Saudi Arabia and the United Arab Emirates who were happy to see Sisi depose President Mohamed Morsi after mass protests against his rule and then move to crush the Muslim Brotherhood. Those countries are expected to announce billions more in aid to the new government any day.
The Kings of Jordan and Bahrain and the Palestinian president also attended as did the leaders of five African countries.
Meanwhile, the EGX indices were booming in green notes during the closing session of Monday.
Egypt’s benchmark index EGX30 ended 1.12 per cent higher to 8593.8 pts; while EGX20 finished 1.31 per cent up to 10414.41 pts.
In addition, the mid- and small-cap index, the EGX70 inched up by 0.82 per cent to end at 604.14 pts. The price index EGX100 rose by 0.79 per cent to conclude at 1056.26 pts.
Furthermore, the market capitalization recorded EGP 489.880 billion on Monday.
Turnovers Cross EGP2 Billion
Through the closing session of Monday, the trading volume has reached 338.720 million securities, with turnovers worth EGP 2.056 billion, exchanged through 35.742 thousand transactions.
Also during the closing session, 184 listed securities have been traded in; 53 declined, 100 advanced; while 24 kept their previous levels.
Arab and non-Arab foreign investors were net buyers capturing on Monday 4.97% and 2.87% respectively of the total markets, with a net equity of EGP 15.100 million and EGP 17.166 million respectively, excluding the deals.
On the other hand, Egyptian investors were net sellers seizing 92.16% of the total market, with a net equity of EGP 32.267 million, excluding the deals.