Egypt stocks continue surge for third day on currency devaluation move

Egypt’s stock market climbed for a third straight day on Tuesday in response to the devaluation of the local currency that has raised hopes for new inflows of funds.

Main index, EGX30 jumped 5.38 percent, to 9852.69 points.

Other indices; EGX50 EWI index also climbed 3.46 percent, to 1478.2 points; EGX20 grew 3.72 percent, to 9428.06 points.

Mid- and small-cap index EGX70 hiked 1.50 percent, to 370.86 points. Price index, EGX100 also rose 2.49 percent, to 874.7 points.

Market Cap

Market capitalisation posted gains worth 17.5 billion Egyptian pounds (around $1.1 billion), to record 475.774 billion pounds during the closing session of Monday.

Turnovers doubled

The bourse’s trading volume 688.949 million securities, with turnovers, closing at 2.188 billion pounds, exchanged through 47.967 transactions.

Also during the closing session, 187 listed securities have been traded in, 22 declined, 141 advanced; while 22 kept their previous levels.

Investors’ Activities

Non-Arab foreign and Arab investors remained net buyers controlling 26.07 and 11.6 percent respectively of the total markets, with a net equity of 486.090 million pounds and 16.054 million pounds, respectively, excluding the deals.

On the contrary, local investors were net sellers capturing 62.33 percent of the total market, with a net equity of 502.144 million pounds, excluding the deals.