Egypt Stocks Hail Sisi’s Hint at Presidency Bid, Gain EGP4.5bn at Midday

Egyptian stocks gained 4.5 billion pounds during midday session  of Wednesday powered by the strong hints by army chief Abdel Fattah al-Sisi to run for president. In return, the country’s main stock index – EGX30 also rallied to cross 8040 points since foreign buying appetite goes on.

Egyptian armed forces chief Field Marshal Abdel Fattah al-Sisi has given the clearest signal yet that he will run for president, saying he cannot ignore the demands of the “majority”.

The Egyptian Exchange indices were wavering in green notes during midday trading session of Wednesday.

The Benchmark EGX30 climbed by 1.35% to 8040.59 p; EGX20 also inched up by 1.47% to 9664.49 p.

Additionally, the mid- and small-cap index, the EGX70 surged by 1.12% to 651.98 p.  Price index EGX100 hiked by 1.02% to 1114.08 p.

Furthermore, market capitalization reached EGP 483.311 billion, according to data compiled by Amwal Al Ghad English at 12:41 p.m. Cairo time (10:41 GMT).

Trading Volumes & Values

The trading volume has recorded 176.589 million securities worth EGP 558.643 million, exchanged through 17.401 thousand transactions during Wednesday midday.

Also during the midday session, 166 listed securities have been traded in; 21 fell, 117 advanced; while 28 keeping their previous levels.

Investors’ Activities

Arabs and the non-Arab foreigners remained net buyers seizing 12.54% and 7.4% respectively of the total markets, with a net equity of EGP 20.178 million and EGP 3.560 million respectively, excluding the deals.

On the contrary, Egyptians were net sellers 80.06% of the total market, with a net equity of EGP 23.739 million, excluding the deals.