Egypt’s stock market ended higher on Tuesday, earning 5 billion Egyptian pounds bolstered by local and non-Arab foreign investors’ appetite. Accordingly, the main stock index, EGX30 exceeded 8025 level by the end of the trading session.
Meanwhile, the Egyptian Exchange (EGX) indices were booming in green notes during the closing session on Tuesday.
Egypt’s benchmark index EGX30 closed 1.79 per cent higher to 8026.92 pts; while EGX20 finished 2.25 per cent up to 9601.76 pts.
On the contrary, the mid- and small-cap index, the EGX70 surged by 1.01 per cent to end at 598.13 pts. The price index EGX100 inched up by 1.08 per cent to conclude at 1049.64 pts.
Furthermore, the market capitalization recorded EGP 473.891 billion on Tuesday.
Turnovers Higher, but Still below EGP1 bln
Through the closing session of Tuesday, the trading volume has reached 279.953 million securities, with turnovers worth EGP 884.490 million, exchanged through 31.800 thousand transactions.
Also during the closing session, 178 listed securities have been traded in; 35 declined, 126 advanced; while 17 keeping their previous levels.
Egyptian and the non-Arab foreign investors were net buyers capturing 82.93% and 7.89% respectively of the total markets, with a net equity of EGP 15.154 million and EGP 7.122 million respectively, excluding the deals.
On the other hand, Arab investors remained net sellers seizing 9.18% of the total market, with a net equity of EGP 22.277 million, excluding the deals.
At the EGX30, Cairo-based investment bank EFG-Hermes Holding (HRHO.CA) saw its share price surge on Tuesday by 3.65 percent to EGP 12.50.
Market bellwether Commercial International Bank S.A.E. (COMI.CA) fell by 0.80 percent to EGP 37.10.
In the real estate sector, Palm Hills Development Company (PHDC.CA) soared by 4.09 percent to trade at EGP 3.82. The Sixth of October Development and Investment Co S.A.E – SODIC (OCDI.CA) also jumped by 4.24percent to close at EGP 26.28, after confirming the signing of an EGP900 million settlement agreement between its affiliate SOREAL and the country’s government over Eastown project land plot.
In a statement to the stock market on Tuesday, SODIC announced that its affiliate SOREAL has signed the settlement agreement with the country’s Housing Minister as well as the New urban communities Authority (NUCA) regarding its Eastown project land plot.
The company further stated that it has accepted NUCA’s request for an additional payment of EGP 900 million to be paid over 7 years in return for a new clear development timeframe up to 5 years starting from the date of signing the agreement and settlement of all outstanding legal disputes relating to the Eastown land.