Egypt’s stocks posted a midday gains amounting to 5.7 billion Egyptian pounds on Thursday spurred by a strong return of local and non-Arab investors’ buying appetite following Arabian Cement’s announcement of starting trading by next Sunday. Accordingly, the main stock index, EGX30 pushed up to cross 8540 points during midday trade.
Meanwhile, the EGX indices were wavering in green notes during the midday session of Thursday.
Egypt-based Arabian Cement Company’s initial public share offer is the first major listing on the Egyptian Exchange (EGX) since the 2011 political uprising.
The Benchmark EGX30 hiked by 0.90% to 8542.84 p, and EGX20 climbed by 1.15% to 10235.84 p.
Meanwhile, the mid- and small-cap index, the EGX70 increased by 0.58% to 620.44 p. Price index EGX100 rose by 0.56% to 1082.44 p.
Furthermore, market capitalization reached EGP 491.986 billion, according to data compiled by Amwal Al Ghad English at 12:47 p.m. Cairo time (10:47 GMT).
Trading Volumes & Values
The trading volume has recorded 219.472 million securities worth EGP 691.593 million, exchanged through 18.532 transactions during Thursday midday.
Also during the midday session, 162 listed securities have been traded in; 29 fell, 104 advanced; while 29 keeping their previous levels.
Egyptian and the non-Arab foreign investors were net buyers capturing at midday trade on Thursday 87.43% and 7.23% respectively of the total markets, with a net equity of EGP 5.250 million and EGP 1.911 million respectively, excluding the deals.
On the other hand, Arab investors were net sellers seizing 5.34% of the total market, with a net equity of EGP 7.161 million, excluding the deals.