Egyptian stocks end week with $319mn gains ahead of rate meetings

Egyptian stocks finished the week with gains estimated at 2.5 billion Egyptian pounds (US$319 million ) on local investors’ buying appetite.

The market capitalisation recorded 426.011 billion pounds during the closing session of Thursday.

Egyptian experts expected the Central Bank to raise the interest rates , either fully or partially, at its meeting Thursday to combat inflation.

Indices

Egypt’s benchmark index, EGX30 hiked 0.64 percent to 6812.65 points.

The EGX50 EWI index skyrocketed by 1.46 percent to 1174.6 points.

EGX20 rose by 1.25 percent to 6908.86 points.

In addition, the mid- and small-cap index EGX70 boosted by 1.11 percent to 371.63 points. The price index, EGX100 soared by 1.44 percent to 769.6 points.

Turnovers up

On Thursday , the bourse’s trading volume has reached 327.687 million securities, with turnovers closed at 607.924 million pounds, exchanged through 23,216 thousand transactions.

Also during the closing session, 167 listed securities have been traded in; 46 declined, 90 advanced; while 30 kept their previous levels.

Investors’ Activities

Egyptian investors were net buyers seizing 83.48% of the total market, with a net equity of 51.837 million pounds, excluding the deals.

On the contrary, Arab and non-Arab investors were net sellers on Thursday  getting 4.72% and 11.79% respectively of the total markets, with a net equity of 21.756 million and 30.081 million pounds, respectively, excluding the deals.