Egypt stocks hit 6-month high on French President Hollande’s visit

Egypt’s bourse has surged Monday to a six-month closing high, lifted by foreign investors’ purchases and French President François Hollande’s current visit to the country to boost bilateral economic ties.

Hollande arrived in Egypt on Sunday, his second visit to the country in less than a year, has witnessed Monday the signing of several bilateral economic agreements.

Egyptian President Abdel-Fattah al-Sisi and Hollande witnessed Monday the signing of memorandums of agreement in a number of fields and projects, including training, electricity, generating renewable energy, the Cairo metro, and sewage system projects. The delegation accompanying Hollande includes over 60 French businessmen.

Cairo’s main index, EGX30 gained 1.93 percent, to 7662.44 points as foreign investors bought shares aggressively.

EGX50 EWI index inched up 1.49 percent, to 1486.35 points; EGX20 also hiked 1.88 percent, to 8109.63 points.

Mid- and small-cap index EGX70 roses 0.18 percent, to 380.45 points. Price index, EGX100 also increased 0.49 percent to 806.77 points.

Market Caps

Market capitalisation has recorded gains worth 3.78 billion Egyptian pounds (around $425.5 million), to conclude 413.475 billion pounds during the closing session of Monday.

Turnovers climbed

On Monday, the bourse’s trading volume hit 270.931 million securities, with turnovers closed at 1.443 billion pounds, exchanged through 32,396 transactions.

Also during the closing session, 180 listed securities have been traded in 38 declined, 111 advanced; while 30 kept their previous levels.

Investors’ Activities

Non-Arab foreign and Arab investors were net buyers controlling 9.54 and 7.22 percent respectively of the total markets, with a net equity of 127.947 million pounds and 44.400 million pounds, respectively, excluding the deals.

On the contrary, Local investors were net sellers capturing 83.24 percent of the total market, with a net equity of 172.347 million pounds, excluding the deals.