Cairo stocks 1.76% up in week as investment law executive regulations approved

Egypt’s stock benchmark ended in the green Thursday, posting good weekly gains as the government finally approved the executive regulations for a law aimed at luring back investors.

Long-awaited Investment Law

Egypt’s cabinet approved Wednesday executive regulations for the new investment law, which includes a raft of incentives, from tax breaks and rebates on projects established in underdeveloped areas and labour-intensive sectors.

Indices:

Benchmark EGX 30 edged higher 0.39 percent, to close the last day of trading this week at 13,955 points. For the week, the main gauge booked a growth of 1.76 percent.

The mid- and small-cap index, EGX 70 inched lower by 1.16 percent in a week closing at 774 points during Thursday’s session. Price index, EGX 100 also made a weekly decline of 27.0 percent closing at 1,740 points.

Market Capitalisation:

Market capital registered weekly gains of 2.3 billion Egyptian pounds ($130.3 million) as it closed on Thursday at 770 billion pounds, compared with 768 billion pounds the previous week, the Egyptian bourse said in its weekly report.

Turnovers

During the week, the trading volume hit around 2.086 million securities, compared 2.398 million a week earlier. For the traded value, it reached around 6.6 billion pounds against 8.6 billion pounds a week earlier.