Egypt stocks gain on cabinet reshuffle

Egypt stock market surged Wednesday as President Abdel Fattah al-Sisi has sworn in a new government early in this day in a limited reshuffle move.

The cabinet reshuffle included 10 new ministers in addition to it introduced one new cabinet portfolio: a ministry of business sector led by former market regulator, Ashraf El-Sharkawy.

Egypt’s main index, EGX30 hiked 0.88 percent, to 7495.47 points.

Additionally, EGX50 EWI index inched up 1.86 percent, to 1375.95 points; while EGX20 rose 1.26 percent, to 7761.35 points.

Mid- and small-cap index EGX70 pushed up 1.22 percent, to 365.22 points. Price index, EGX100 also grew 1.20 percent to 789.69 points.

Market Caps

Market capitalisation has gained 3.05 billion Egyptian pounds ($67.2 million), reaching 448.903 billion pounds during the closing session of Wednesday.

Turnovers rose

On Wednesday, the bourse’s trading volume hit 459.016 million securities, with turnovers closed at 1.115 billion pounds, exchanged through 33,813 transactions.

Also during the closing session, 170 listed securities have been traded in 32 declined, 114 advanced; while 23 kept their previous levels.

Investors’ Activities

Arab and non-Arab investors were net buyers Wednesday controlling 6.9 and 11.52 percent respectively of the total markets, with a net equity of 8.209 million pounds and 20.775 million pounds, respectively, excluding the deals.

On the contrary, local investors were net sellers capturing 81.59 percent of the total market, with a net equity of 28.984 million pounds, excluding the deals