Egypt stocks surge, hold near 8-year peak

Egypt’s stock market surged on Wednesday, holding near an eight-year peak as foreign funds remained aggressive buyers.

Main index, EGX30 added 0.26 percent, to 11550.31 points. The index has now climbed 35.5 percent since the central bank ditched the currency peg to the U.S. dollar on November 3rd and faces strong technical resistance at its record 2008 peak of 12,039 points.

Other indices; EGX50 EWI index rose 0.44 percent, to 1816.06 points; EGX20 gained 0.57 percent, to 11424.71 points.

Mid- and small-cap index EGX70 edged up 1.71 percent, to 445.9 points. Price index, EGX100 increased 1.71 percent, to 1062.85 points.

Market Cap

Market capitalisation posted gains worth 4.8 billion Egyptian pounds (around $274.7 million), to record 566.465 billion pounds during the closing session of Wednesday.

Turnovers

The bourse’s trading volume 431.089 million securities, with turnovers, closing at 1.887 billion pounds, exchanged through 40,699 transactions.

Also during the closing session, 199 listed securities have been traded in, 57 declined, 103 advanced; while 30 kept their previous levels.

Investors’ Activities

Foreign funds remained net buyers of shares on Wednesday while local and regional traders cashed out.

Non-Arab foreign investors were net buyers capturing 9.45 percent of the total market, with a net equity of 139.334 million pounds, excluding the deals.

On the contrary, local and Arab investors were net sellers controlling 83.38 and 7.1 percent respectively of the total markets, with a net equity of 86.910 million pounds and 52.424 million pounds, respectively, excluding the deals.