Egypt Stocks Hit 6-year Higher in Two Sessions

Big 5

In two sessions throughout last week, Egypt’s stocks hit six-year higher, registering gains totalling 4.5 billion Egyptian pounds. The country’s main stock index, EGX30 inched up 0.9% throughout trading sessions of last week, registering an increase of 81.89 points, ending Thursday’s transactions at 8826.28 points, versus 8744.39 points at the end of a week earlier.

The main gauge index registered its highest point on Thursday closing at 8826.28 points, whereas its lowest point recorded on Sunday at 8735.24 points.

Meanwhile, the mid- and small-cap index, the EGX70 surged by 1.4% closing at 628.22 points during Thursday’s session, compared to 619.72 points at the end of a week earlier. The price index, EGX100 also hiked by 1.2% concluding by 1108.77 points during Thursday’s session, against 1095.57 points at the end of a week earlier.

Furthermore, the market capitalization closed at EGP 501.058 billion last Thursday, compared to EGP 496.515 billion at the end of a week earlier.

Turnovers & Traded Volumes:

Through the week, the trading volume hit around 289.2 million securities, compared to 457.9 million securities at the end of a week earlier. For the traded value, it reached around EGP 1.6 billion against EGP 3.5 billion a week earlier.

Sectors Activity:

Financial Services excluding Banks sector was the most active sector through last week, recording a volume of trades of 96.7 million securities worth EGP 730.3 million.

Telecommunications sector came second, attaining a volume of trades of 43.9 million securities worth EGP 94.1 million.

Coming third in the list, Industrial Goods and Services and Automobiles reported a volume of trades of 34.9 million securities worth EGP 84.1 million.

Real Estate was on the fourth position, getting a volume of trades of 30.2 million securities worth EGP 226 million.

Personal and Household Products sector came fifth, recording a volume of trades of 27.8 million securities worth EGP 118.3 million.

Travel & Leisure sector reported sixth, having a volume of trades of 16.3 million securities worth EGP 38.1 million.

Construction and Materials was on the seventh position, with a volume of trades of 14.4 million securities worth EGP 56.1 million.

Food and Beverage reported eighth, attaining a volume of trades of 12.6 million securities worth EGP 47.3 billion.

Banks sector took the ninth position, with a volume of trades of 5 million securities worth EGP 168.9 million.

Healthcare and Pharmaceuticals reported tenth, recording a volume of trades amounting to 2.8 million securities worth EGP 12.2 million.

Basic Resources sector ranked eleventh, attaining a volume of trades of 2.4 million securities worth EGP 27.7 million.

At the bottom of the list, Chemicals reported twelfth getting a volume of trades of 700 thousand securities worth EGP 8.2 million.

Market Remarks

–         Egypt Bourse Halts 3-day Sessions on Feast Holidays

Egyptian stock Exchange (EGX) announced that Eid al-Fitr (Feast of Breaking the Fast) holidays, will start on Monday July 28 until Wednesday July 30.

–         Egypt Bourse Revises EGX30’s Constituents, Removes 7 Companies

Egyptian stock Exchange (EGX) has revised Thursday the constituents of its main index, EGX30, in light of a semi-annual review.

The changes in the index will be effective starting from August 1, 2014, the Egyptian bourse added.

EGX said it will remove from its EGX30 index the following companies: Arabia Investments, Development, Fin. Inv. Holding (AIND.CA), Arab Polvara Spinning & Weaving (APSW.CA), Medical Packaging Company (MEPA.CA), Maridive & Oil Services (MOIL.CA), United Housing & Development (UNIT.CA),  El Kahera Housing (ELKA.CA), and Remco for Touristic Villages Construction (RTVC.CA).

On the contrary, EGX30 will include Oriental Weavers (ORWE.CA), Ceramic & Porcelain (PRCL.CA), Electro Cable Egypt (ELEC.CA), Heliopolis Housing (HELI.CA), Egyptians Abroad for Investment & Development (ABRD.CA), GB Auto (AUTO.CA), and Prime Holding (PRMH.CA).

–         Trading Hours Extended

Egypt bourse Chairman Mohamed Omran has recently issued Decision No. 205 to extend the trading hours to be 4 and half hours after the end of the Holy month of Ramadan.

Dr. Omran asserted that removing the precautionary measures and extending the trading hours send a clear message of investors that EGX has recovered from the last years’ incidents and Egypt’s condition is back to normal.