Egypt stock market 1.94% up in post-devaluation rally

Egypt’s stock market continued to rally Tuesday posting gains worth 7.1 billion Egyptian pounds ($793.5 million) after central bank’s decision to partially devalue the currency.

Egypt’s central bank said on Monday it had devalued the Egyptian pound to 8.85 per dollar at a special foreign exchange auction. It had previously set the rates at its regular and exceptional auctions at 7.73 per dollar as an average bid price.

Market capitalisation has closed at 435.045 billion pounds during the closing session of Tuesday.

Indices

Egypt’s benchmark index, EGX30 inched up 1.94 percent to 7139.44 points.

EGX50 EWI index grew 1.99 percent to 1312.14 points.

EGX20 soared 3.42 percent to 7211.82 points.

In addition, the mid- and small-cap index EGX70 rose 0.26 percent to 361.45 points. Price index, EGX100 went up 0.96 percent to 765.56 points.

Turnovers

On Tuesday, the bourse’s trading volume hit 338.826 million securities, with turnovers closed at 1.127 billion pounds, exchanged through 38,521 transactions.

Also during the closing session, 173 listed securities have been traded in; 67 declined, 74 advanced; while 29 kept their previous levels.

Investors’ Activities

Non-Arab foreign investors remained net buyers Tuesday capturing 14.24 percent of the total market, with a net equity of 49.991 million pounds, excluding the deals.

On the contrary, local and Arab investors were net sellers capturing 74.43 and 11.33 percent respectively of the total markets, with a net equity of 38.165 million pounds and 11.826 million pounds, respectively, excluding the deals.