Egypt Stocks Brace For Anti-Morsi Protest, Gain EGP 2.2 Bln

Despite the fears from the planned anti-regime mass rally’s repercussions and the state of security vacuum outside the bourse headquarters, Egypt’s stock market has turned its opening losses into gains totalled at nearly EGP 2.2 billion.

An economic crisis deepened by unrest and political deadlock may spur many less partisan Egyptians to join the rallies, due to start in the afternoon in Cairo. But many, too, are weary of turmoil and are skeptical that the opposition’s demand to reset the rules of the new democracy is better than soldiering on.

The Egyptian Exchange’s indices flourished during the closing session of Sunday.

Egypt’s benchmark index EGX30 climbed by 1.43% to close at 4752.22 p; while the EGX20, it surged by 1.06% to end 5210.74 p.

Meanwhile, the mid- and small-cap index, the EGX70 rose by 0.51% to conclude at 360.19 p.  The price index EGX100 went up by 0.52% to finish at 642.98 p.

The capital market has closed at EGP 321.678 billion by Sunday afternoon.

Traded Volumes & Trades

Through the closing session of Sunday, the trading volume reached 44.607 million securities. For the traded value, it reached EGP 150.874 million, exchanged through 10.034 thousand transactions.

Also during the closing session of Sunday, 156 listed securities have been traded in; 34 declined, 90 advanced; while 32 keeping their previous levels.

Investors’ Activity

The non-Arab foreigners’ buying transactions have backed EGX’s closing gains as they were net buyers seizing 29.83% of the total markets, with a net equity of EGP 4.218 million, excluding the deals.

On the other hand, Egyptians and Arabs were net sellers seizing 66.64% and 3.53% respectively, of the total markets, with a net equity of EGP 1.779 million and 2.438 million excluding the deals.

June 30 Protests – Second Uprising?

President Morsi’s opponents were fed up with Islamist misrule; they say has left the economy floundering and security in a shambles, claim to have collected 22 million signatures – around seven million more than the number of voters who elected Mr Morsi – calling for him to step down.

Both opponents and supporters of the president say they intend to be peaceful, but demonstrations could descend into violence, especially if the two sides meet. The Presidential palace, one site where the opposition plans to gather, has been surrounded by concrete walls.

No for Early Elections that Drive to ‘Unending Chaos’

President Morsi, who has three years left in his presidential term, claims that Mubarak loyalists are behind the planned protests. His supporters say Tamarod is a cover for thugs loyal to Mubarak.

In an interview published today in The Guardian, Morsi said he had no plans to meet the protesters’ demand for early presidential election.

“If we changed someone in office who (was elected) according to constitutional legitimacy — well, there will (be) people or opponents opposing the new president too, and a week or a month later, they will ask him to step down,” Morsi told the British daily.

He said that his early resignation would undermine the legitimacy of his successors – creating a recipe for unending chaos.

“There is no room for any talk against this constitutional legitimacy,” he said.