Egypt Stocks Welcome Army Statement, Gains EGP10.6 bln

Egypt’s stock market posted remarkable midday gains of EGP 10.6 billion powered by the local investors’ assurance after the Army delivered a statement a day before.

The statement issued by Egypt’s army said it would have to intervene if the political crisis was not resolved.

The armed forces said in a statement on Monday afternoon that it is giving all political forces 48 hours as a last chance to solve the ongoing problems, or else the armed forces will have to announce a new roadmap for the future, and will enforce certain measures with the help of all factions including the youth, without excluding anyone.

Cairo’s Tahrir Square erupted in party scenes reminiscent of the night Hosni Mubarak was forced from office in 2011, as hundreds of thousands of people rejoiced at an army move they believed heralded the end of President Mohamed Morsi’s rule.

Fireworks burst over the square that was the theatre for the historic 2011 uprising. Delighted protesters waved flags, sounded horns, beat drums and danced in joy at what was widely seen as an army ultimatum to the Islamist head of state.

The Egyptian Exchange’s indices were wavering green notes during the midday session of Tuesday, some indices have exceeded the 5% level.

Benchmark EGX30 climbed by 4.83% to 4981.79 p; while EGX20 jumped by 6.04% to 5525.34 p.

On the other hand, the mid- and small-cap index, the EGX70 soared by 5.27% to 379.16 p.  Price index EGX100 edged higher by 4.05% to 669.01 p.

The capital market has reached EGP 332.308 billion during the midday session of Tuesday, according to data compiled by Amwal Al Ghad English at 12.32 p.m. Cairo time (10:32 GMT).

Trading Volumes & Values

The trading volume has recorded 89.167 million securities worth EGP 307.915 million, exchanged through 13.378 thousand transactions during Tuesday midday.

Also during the midday session, 155 listed securities have been traded in; 8 declined, 129 advanced; while 18 steadied.

Investors’ Activities

Egyptians’ buying transactions have powered EGX’s midday gains as they were net buyers seizing 66.03% of the total markets, with a net equity of EGP 58.313 million excluding the deals.

Meanwhile, the non-Arab foreigners and Arabs were net sellers seizing 28.74% and 5.23% respectively, of the total markets, with a net equity of EGP 44.575 million and EGP 13.738 million, excluding the deals.