Egypt Stocks Gain EGP3bn on Tuesday Propelled by Suez Canal Updates
Egypt’s stocks revived on Tuesday, ending with gains totalling 3.1 billion backed by announcing the winning consortium to draw the general plan for the Suez Canal project. Accordingly, the country’s main stock index, EGX30 hiked above 9395 points.
The consortium of Bahrain-based Dar Group (Shair and Partners) and its Egyptian subsidiary are the winning firm to make the general plan for the Suez Canal project, chairman of the Suez Canal Authority announced on Tuesday.
During a conference on Tuesday, Mohab Mamish – Chairman of the Suez Canal Authority and head of the executive council of the Suez Canal Corridor initiative – announced the consultancy was chosen out of 14 international firms that met the tender specifications for a massive economic development project in the Suez Canal region.
Meanwhile, the Egyptian Exchange’s indices were wavering in green notes during closing session of Tuesday.
Indices
Egypt’s benchmark index EGX30 ended 0.85 per cent higher to 9395.58 pts; while EGX20 finished 0.93 per cent up to 11255.02 pts.
In addition, the mid- and small-cap index, the EGX70 pushed up by 1.47 per cent to finish at 658.1 pts. The price index EGX100 climbed by 1.33 per cent to conclude at 1172.57 pts.
Furthermore, the market capitalization recorded EGP 519.823 billion on Tuesday.
Turnovers still below EGP One billion
Through the closing session of Tuesday, the trading volume has reached 171.619 million securities, with turnovers worth EGP 866.886 million, exchanged through 29.086 transactions.
Also during the closing session, 179 listed securities have been traded in; 63 declined, 94 advanced; while 20 kept their previous levels.
Investors’ Activities
The non-Arab foreign investors were net buyers on Tuesday acquring 12.88% of the total market, with a net equity of EGP 41.736 million, excluding the deals.
On the other hand, local and Arab investors were net sellers seizing 82.99% and 4.14% respectively of the total markets, with a net equity of EGP 24.044 million and EGP 13.692 respectively, excluding the deals.
