Egypt Stocks Gain EGP1 bln at Closing on New Cabinet Formation News

As the new interim prime minister is putting the finishing touches on the post-Morsi cabinet, Egypt’s stock market has closed higher on Sunday posting gains of EGP one billion. The benchmark has crossed the level of 5300 pts.

Following the military-backed roadmap instated after the overthrow of Egypt’s Islamist leader Mohamed Morsi on 3 July, the newly-appointed Prime Minister Hazem El-Beblawi  is scheduled to hold talks with candidates for ministerial posts in the coming two days.

Egypt’s new prime minister said he is putting the finishing touches on a cabinet and will be finalized by mid-week.

The Egyptian Exchange’s indices were wavering in green notes during the closing session of Sunday, except for the mid- and small-cap index, the EGX70, which solely falls.

Egypt’s benchmark index EGX30 inched up by 0.61% to close at 5308.85 p; while the EGX20, it surged by 0.59% to end 6162.82 p.

Meanwhile, the mid- and small-cap index, the EGX70 fell by 0.17% to conclude at 428.75 p.  The price index EGX100 rose by 0.11% to finish at 735.16 p.

The capital market has closed at EGP 355.085 billion on Sunday.

Investors’ Activities

The non-Arab foreigners investors turned to become net buyers on Sunday seizing 10.42% of the total markets, with a net equity of EGP 6.736 million excluding the deals.

Meanwhile,  local and Arab investors were net sellers seizing 81.65% and 7.94% respectively, of the total markets, with a net equity of EGP 4.645 million and EGP 2.090 million, excluding the deals.

Traded Volumes & Trades

Through the closing session of Sunday, the trading volume has reached 83.295 million securities. For the traded value, it hit EGP 227.625 million, exchanged through 13.649 thousand transactions.

Also during the closing session, 150 listed securities have been traded in; 75 declined, 41 advanced; while 34 keeping their previous levels.