Egypt stocks climb 2.63% on foreign buying

Egypt’s stock market surged on Wednesday lifted by foreign investors’ buying.

Main index EGX 30 climbed 2.63 percent, to 11453.25 points, in heavy trade.

Other indices; EGX50 EWI index edged up 2.78 percent, to 1847.83 points; EGX20 grew 2.28 percent, to 11203.75 points.

Mid- and small-cap index EGX70 added 2.18 percent, to 456.6 points. Price index, EGX100 rose 1.77 percent, to 1077.1 points.

Market Cap

Market capitalisation posted gains worth 12 billion Egyptian pounds (around $671 million), to record 566.195 billion pounds during the closing session of Wednesday.

Turnovers

The bourse’s trading volume reached 617.821 million securities, with turnovers, closing at 1.860 billion pounds, exchanged through 45,217 transactions.

Also during the closing session, 193 listed securities have been traded in, 18 declined, 144 advanced; while 24 kept their previous levels.

Investors’ Activities

Non-Arab foreign investors were net buyers capturing 16.33 percent of the total market, with a net equity of 181.011 million pounds, excluding the deals.

Foreign investors were net buyers of Egyptian stocks by a relatively large margin of about $10 million. They have been net buyers every day since the float of the Egyptian pound on November 3rd.

On the contrary, local and Arab investors were net sellers controlling 71.4 and 12.27 percent respectively of the total markets, with a net equity of 101.739 million pounds and 79.271 million pounds, respectively, excluding the deals.