Egypt Stocks Halt 4-Day Losing Streak, Open New Week Higher

Egypt’s stocks opened a new week higher with early gains worth 2.2 billion Egyptian pounds powered by non-Arab foreign investors’ buying appetite. Accordingly, the country’s main stock index, EGX30 surged above 9520 points at Sunday’s early trade.

The Egyptian Exchange (EGX)’s indices were wavering in green notes during the opening session of Sunday.

The stocks were bloomed by news that the Egyptian government will invite an International Monetary Fund mission to visit.

Egypt will ask the IMF for a long-delayed economic assessment in the hope of improving the country’s image before a February investment conference, the country’s finance ministry said in a statement on Saturday.

Indices

The Benchmark EGX30 inched up by 0.48% to 9521.27 p, and EGX20, also grew by 0.78% to 11322.78 p.

In addition, the mid- and small-cap index, the EGX70 climbed by 1.29% to 619.53 p.  Price index EGX100 hiked by 0.90% to 1128.81 p.

Furthermore, market capitalization reached EGP 518.717 billion, according to data compiled by Amwal Al Ghad English at 11:13 a.m. Cairo time (08:13 GMT).

Trading Volumes & Values

The trading volume has reached 23.948 million securities worth EGP 84.476 million, exchanged through 4033 transactions during Sunday opening.

Also during the opening session, 106 listed securities have been traded in; 14 fell, 77 advanced; while 15 keeping their previous levels.

Investors’ Activities

The non-Arab foreign investors were net buyers at early trade acquiring 3.11% of the total market, with a net equity of EGP 3.413 million, excluding the deals.

On the other hand, local and Arab investors were net sellers 93.53% and 3.36% respectively of the total markets, with a net equity of EGP 1.539 million and EGP 1.873 million, excluding the deals.