Egypt Stocks surge as Locals buy

As Egypt is bracing for opening the new Suez Canal in less than 72 hours, stocks in Cairo surged Tuesday posting gains totallling 3,7 billion Egyptian pounds (US$472,5 million) bolstered by local buying appetite.

The market capitalisation has registered 497,344 billion pounds during the closing session of Tuesday.

Indices

Egypt’s benchmark index, EGX30 inched up 1.17 percent to 8181.95 points.

The newly-launched EGX50 EWI index increased 1.66 percent to 1465.37 points.

EGX20 also grew 1.44 percent to 8267.69 points.

In addition, the mid- and small-cap index EGX70 jumped 2.20 percent to 463.51 points. The price index, EGX100 rose 1.22 percent to 948.38 points.

Turnovers up

On Tuesday, the bourse’s trading volume has hit 265,659 million securities, with turnovers closed at 917,544 million pounds, exchanged through 25,729 thousand transactions.

Also during the closing session, 171 listed securities have been traded in; 29 declined, 119 advanced; while 20 kept their previous levels.

Investors’ Activities

Egyptian investors were net buyers Tuesday capturing 77.96 percent of the total market, with a net equity of 163,450 million pounds, excluding the deals.

On the contrary, Arab and non-Arab investors were net sellers seizing 10.09 percent and 11.95 percent respectively of the total markets, with a net equity of 120,947 million pounds and 42,503 million pounds, respectively, excluding the deals.