Egyptian bourse opens Sunday in green on S&P credit-rating

The Egyptian Exchange (EGX) opened Sunday’s trading session up on the back of Arab and foreign buying as Standard and Poor’s (S&P) Financial Services has upgraded its credit-rating for Egypt.

On Thursday, S&P has raised Egypt’s long-term rating to B from B-, with a stable outlook.

By 10:28 am Cairo time, the benchmark EGX30 index rose 170.67 points, or 0.99%, to 17,324 points.

The EGX70 index edged up 0.3 percent to 856.08 points, while the EGX100 index added 0.57% to 2,208 points.

Likewise, the equal-weighted EGX50 index went up 0.94 percent to 2,958 points.

Trading volume stood at 33.7 million shares exchanged at a turnover of 92.5 million pounds through 2,600 transactions.

Egyptian investors were net sellers with 8.8 million pounds, while foreign and Arab investors were net buyers with 2.7 million pounds and 6.16 million pounds, respectively.

The heavyweight Commercial International Bank (CIB) climbed 1.4 percent to 89.01 pounds, with a turnover of 2.1 million pounds.

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