Egypt stocks end week 3.5% higher on investors’ euphoria

Egypt’s stock market closed Thursday with gains worth 7.7 billion Egyptian pounds ($874 million), marking investors’ Euphoria over central bank’s decision to partially devalue the currency three days ago.

The devaluation raised hopes that Egypt could attract more funds from abroad and begin resolving its long-time foreign exchange shortage.

Market capitalisation has reached 447.503 billion pounds during the closing session of Thursday.

Indices

Egypt’s main index, EGX30 jumped 3.56 percent to 7485.69 points, in the second heaviest trading volume for the past seven years.

EGX50 EWI index climbed 2.54 percent to 1373.65 points.

EGX20 soared 5.23 percent to 7756.25 points.

In addition, the mid- and small-cap index EGX70 increased 0.17 percent to 361.79 points. Price index, EGX100 inched up 1.88 percent to 783.7 points.

Turnovers higher

On Thursday, the bourse’s trading volume hit 658.373 million securities, with turnovers closed at 1.592 billion pounds, exchanged through 48,225 transactions.

Also during the closing session, 183 listed securities have been traded in 37 declined, 121 advanced; while 24 kept their previous levels.

Investors’ Activities

Arab and Non-Arab investors were net buyers Thursday capturing 9.43 and 16.07 percent respectively of the total markets, with a net equity of 26.991 million pounds and 106.553 million pounds, respectively, excluding the deals.

On the contrary, local investors were net sellers seizing 74.3 percent of the total market, with a net equity of 133.544 million pounds, excluding the deals