Egypt stocks start 0.6% higher on foreign buyers

Egypt’s stock market climbed on Sunday as foreign buyers continued to bid up shares.

Cairo’s main index grew 0.64 percent to 11398,01 points.

Foreign investors remained net buyers of Egyptian shares by a small margin, continuing a trend which began with the currency float on November 3rd.

Other indices; EGX50 EWI index hiked 0.95 percent, to 1837.07 points; EGX20 pushed up 1.14 percent, to 11295.55 points.

Mid- and small-cap index EGX70 rose 0.61 percent, to 454.46 points. Price index, EGX100 edged up 0.46 percent, to 1069.23 points.

Market Cap

Market capitalisation posted gains worth 4.8 Egyptian pounds (around $262.6 million), to record 575.851 billion pounds during the closing session of Sunday.

Turnovers shrink

Trading volume was the lowest since the central bank floated the Egyptian pound in November, triggering a bull market.

The bourse’s trading volume reached 228.620 million securities, with turnovers, closing at 863.807 pounds, exchanged through 26,361 transactions.

Also during the closing session, 173 listed securities have been traded in, 46 declined, 89 advanced; while 38 kept their previous levels.

Investors’ Activities

Non-Arab foreign investors were net buyers capturing 9.45 percent of the total market, with a net equity of 14.887 million pounds, excluding the deals.

On the contrary, local and Arab investors remained net sellers controlling 86.31 and 4.23 percent respectively of the total markets, with a net equity of 7.461 million pounds and 7.426 million pounds, respectively, excluding the deals.