Egypt’s stocks ended Monday higher with gains totalling 4.2 billion Egyptian pounds backed by the presidency approval for the state’s revised budget for 2014/2015. Accordingly, the main stock index, EGX30 further climbed above 8160 points bolstered by foreign investors’ buying appetite.
Egypt’s President Abdel Fattah al-Sisi approved on Sunday a revised and tightened budget for fiscal year of 2014/15 fiscal year, signaling the first step towards a period of economic austerity.
The budget deficit of 240 billion Egyptian pounds ($33.57 billion) will be 10% of gross domestic product (GDP), compared to an expected 12% shortfall for the 2013/14 fiscal year ending on Monday.
In addition, the Egyptian Exchange’s indices were wavering in green notes during closing session of Monday.
EGX operates with shortened trading hours during the Islamic fasting month of Ramadan since the exchange would open from 10:00 to 13:30 Cairo time.
On occasion of the start of a new fiscal year, EGX announced Tuesday, July 1st as official holiday. Trading session will be resumed next day, on Wednesday, July 2nd.
Egypt’s benchmark index EGX30 ended 1.13 per cent higher to 8162.2 pts; while EGX20 finished 1.17 per cent up to 9869.67 pts.
On the other hand, the mid- and small-cap index, the EGX70 inched up by 0.98 per cent to end at 591.14 pts. The price index EGX100 hiked by 0.82 per cent to conclude at 1034.26 pts.
Furthermore, the market capitalization recorded EGP 477.641 billion on Monday.
Turnovers Cross EGP 1 billion and Half
Through the closing session of Monday, the trading volume has reached 161.625 million securities, with turnovers worth EGP 1.845 billion, exchanged through 16.914 transactions.
Also during the closing session, 167 listed securities have been traded in; 21 declined, 124 advanced; while 22 kept their previous levels.
Arab and non-Arab foreign investors were net buyers on Monday capturing 1.24% and 75.21% respectively of the total markets, with a net equity of EGP 4.228 million and EGP 1.150 million respectively, excluding the deals.
On the contrary, Egyptian investors were net sellers seizing 23.55% of the total market, with a net equity of EGP 5.378 million, excluding the deals.