Egypt stocks gain $2.2bn as new central bank chief assigned

Egypt’s stocks concluded higher on Wednesday with gains worth 1.4 billion Egyptian pounds (US$2.2 billion).

The market capitalisation has recorded 460.587 billion pounds during the closing session of Wednesday .

On Wednesday morning, President Abdel Fattah al-Sisi has named Tarek Amer, former chairman of the country’s biggest state bank, the National Bank of Egypt (NBE), as the new central bank chief

Indices

Egypt’s benchmark index, EGX30 increased by 0.13 percent to 7669.14 points.

The newly-launched EGX50 EWI index went higher by 0.75 percent to 1302.13 points.

EGX20 rose by 0.59 percent to 7484.22 points.

In addition, the mid- and small-cap index EGX70 boosted by 0.61 percent to 404.8points. The price index, EGX100 increased by 0.54 percent to 867.76 points.

Turnovers up

On Wednesday, the bourse’s trading volume has hit 207.184 million securities, with turnovers closed at EGP 1.023 billion, exchanged through 21,094 thousand transactions.

Also during the closing session, 169 listed securities have been traded in; 36 declined, 94 advanced; while 35 kept their previous levels.

Investors’ Activities

Local and Arab investors were net sellers on Wednesday seizing 87.6 % and 6.03% respectively of the total markets, with a net equity of EGP 16.218million and EGP 35.421 million, respectively, excluding the deals.

On the contrary, the non-Arab foreign investors were net buyers getting 6.37 % of the total market, with a net equity of EGP 51.639 million, excluding the deals.