Egypt’s stocks rebounded on Wednesday backed by foreign investors’ buying appetite, to gain 4.7 billion Egyptian pounds (US$616.1 million). Accordingly, the country’s main stock index, EGX30 also surged by 1.9 percent to exceed 8485 points.
This comes following a move made by Egyptian investors who went to court to challenge the government over a tax on stock dividends and capital gains, saying it causes confusion and hampering investment.
The market capitalization has hit 493.053 billion pounds during the closing session of Wednesday.
Egypt’s benchmark index, EGX30 climbed by 1.90 percent to close at 8488.49 points. EGX20 edged up by 1.84 percent to 8874.53 points.
In addition, the mid- and small-cap index EGX70 grew by 1.24 percent to 466.06 points. The price index, EGX100 hiked by 1.38 percent to 954.53 points.
Turnovers remain low
On Wednesday, the bourse’s trading volume has recorded 163.638 million securities, with turnovers closed at EGP 620.266 million, exchanged through 22.194 thousand transactions.
Also during the closing session, 169 listed securities have been traded in; 23 declined, 122 advanced; while 21 kept their previous levels.
The non-Arab foreign and Arab investors were net buyers on Wednesday capturing 18.8% and 6.69% respectively of the total markets, with a net equity of EGP 2.474 million and EGP 24.756 million, respectively, excluding the deals.
Local investors remained net sellers seizing 74.51% of the total market, with a net equity of EGP 27.230 million, excluding the deals.