Egypt Stocks Gain EGP1.2 billion, EGX30 Nears 8970 at Open

Egypt’s stocks kicked off trading on Tuesday higher with gains amounting to 1.2 billion Egyptian pounds. The stock continued their rally on details of the Suez Canal industrial hub mega project started to unfold. The country’s main stock index, EGX30 also surged at early trade to near 8970 points.

‘Investors expect an economic boom in most sectors when the Suez Canal industrial hub project sees the light,” says Eissa Fathy of the Cairo Chamber of Commerce

The Egyptian Armed Forces Engineering Authority and the Saudi Arabia branch of global Dar Al-Handassa were selected to undertake the development projects around the Suez Canal, reported Reuters on Sunday

Meanwhile, the Egyptian Exchange (EGX)’s indices were wavering in green notes during the opening session of Tuesday.

Indices

The Benchmark EGX30 inched up by 0.57% to 8968.84 p, and EGX20 grew by 1.03% to 10732.7 p.

On the other hand, the mid- and small-cap index, the EGX70 increased by 0.15% to 628 p.  Price index EGX100 rose by 0.24% to 1108.9 p.

Furthermore, market capitalization reached EGP 503.635 billion, according to data compiled by Amwal Al Ghad English at 11:07 a.m. Cairo time (09:07 GMT).

Trading Volumes & Values

The trading volume has reached 113.642 million securities worth EGP 246.110 million, exchanged through 6872 transactions during Tuesday opening.

Also during the opening session, 111 listed securities have been traded in; 32 fell, 52 advanced; while 27 keeping their previous levels.

Investors’ Activities

The non-Arab foreign investors were net buyers at early trade capturing 5.16% of the total market, with a net equity of EGP 14.768 million, excluding the deals.

On the other hand, local and Arab investors were net sellers seizing 89.23% and 5.61% respectively of the total markets, with a net equity of EGP 12.993 million and EGP 1.774 million, excluding the deals.