Egypt’s Benchmark Rebounds, Hits 4642.6 Pts Backed By Chief’s Remarks

Egypt’s stock market rallied during the midday session of Thursday posting gains of EGP 1.4 billion backed by foreign buying transactions after bourse chief Dr. Mohamed Omran spoke to Bloomberg Television late Wednesday asserting that the country has a fix for the currency issues.

Mohamed Omran, chairman of the Egyptian Exchange (EGX), has talked Wednesday evening about the possibility that MSCI Inc. may consider reviewing Egypt’s emerging-market status and political turmoil in the country. He spoke with Trish Regan and Adam Johnson on Bloomberg Television’s “Street Smart.”

Accordingly, the Egyptian Exchange’s indices were wavering to green notes on Thursday.

Benchmark EGX30 rose by 0.97% to 4642.6 p. EGX20 also inched up by 1.25% to 5082.15 p.

On the other hand, the mid- and small-cap index, the EGX70 advanced by 0.12% to 352.87 p.  Price index EGX100 went up  by 0.33% to 625.22 p.

The capital market has amounted to EGP 316.053 billion, according to data compiled by Amwal Al Ghad English at 13:23 a.m. Cairo time (11:23 GMT) during the midday session of Thursday.

Trading Volumes & Values:

The trading volume has recorded 43.026 million securities worth EGP 97.668 million, exchanged through 7824 transactions during Thursday midday.

Also during the midday session, 141 listed securities have been traded in; 52 declined, 58 advanced; while 31 steadied.

Investors’ Activities:

The non-Arab foreigners and Arabs were net buyers seizing 23.51% and 5.41% respectively, of the total markets, with a net equity of EGP 23.616 million and EGP 3.767 million, excluding the deals.

Meanwhile,  Egyptian investors were net sellers seizing 71.08% of the total markets, with a net equity of EGP 27.383 million excluding the deals.