Egyptian stocks surge following IMF bailout approval
Egypt’s stock market surged for the 12th straight session on Sunday as the International Monetary Fund’s board approved a $12 billion loan for the country earlier on Friday.
The IMF loan approval had been widely expected, but it added fresh fuel to a rally triggered by Egypt’s decision to freely float its currency on November 3rd, which has created hopes for major inflows of hard currency.
Main index, EGX30 climbed 2.14 percent, to 10916.97 points. The index has surged 28.1 percent since the pound was floated.
Other indices; EGX50 EWI index also surged 3.01 percent, to 1662.09 points; EGX20 gained 1.85 percent, to 10311.66 points.
Mid- and small-cap index EGX70 added 2.78 percent, to 414.74 points. Price index, EGX100 edged up 1.63 percent, to 996.96 points.
Market Cap
Market capitalisation posted gains worth 9.3 billion Egyptian pounds (around $562.8 million), to record 528.754 billion pounds during the closing session of Sunday.
Turnovers
The bourse’s trading volume 729.099 million securities, with turnovers, closing at 1.967 billion pounds, exchanged through 49,286 transactions.
Also during the closing session, 189 listed securities have been traded in, 35 declined, 137 advanced; while 14 kept their previous levels.
Investors’ Activities
Non-Arab foreign investors were net buyers capturing 12.75 percent of the total market, with a net equity of 277.727 million pounds, excluding the deals.
On the contrary, local and Arab investors were net sellers controlling 76.49 and 10.77 percent respectively of the total markets, with a net equity of 251.182 million pounds and 26.545 million pounds, respectively, excluding the deals.
