Cairo stocks start week mostly up as new c.bank chief arrives
Egypt’s stock market edged slightly higher Sunday with gains of 1.3 billion (US$166 million) as a new central bank chief took office, increasing hopes that the country’s foreign exchange crisis can be resolved.
Tarek Amer, a well-regarded former commercial banker, was to head the first meeting of the Egyptian central bank’s new board on Sunday.
Many people expect him to work with the government to try to end a foreign currency shortage by regulating imports and supporting exports, which could benefit many listed firms, Reuters reported. He is expected to be more generous in allowing the private sector to obtain foreign exchange.
Bolstering investor sentiment, the central bank kept the Egyptian pound steady at its foreign currency auction on Sunday and the pound rose slightly in the black market.
The market capitalisation has recorded 416.899 billion pounds during the closing session of Sunday.
Indices
Egypt’s benchmark index, EGX30 increased 0.78 percent to 6477.73 points.
EGX50 EWI index went down 0.22 percent to 1098.58 points.
EGX20 declined 0.10 percent to 6284.82 points.
In addition, the mid- and small-cap index EGX70 decreased 0.23 percent to 349.61 points. The price index, EGX100 raised 0.05 percent 745.58 points.
Modest Turnovers
On Sunday, the bourse’s trading volume hit 208.175 million securities, with turnovers closed at 483.236 million pounds, exchanged through 11,577 thousand transactions.
Also during the closing session,152 listed securities have been traded in;64 declined, 39 advanced; while 46 kept their previous levels.
Investors’ Activities
Non-Arab foreign investors were net buyers Sunday capturing 7.59 percent of the total market, with a net equity of 6.682 million pounds, excluding the deals.
On the contrary, local and Arab investors were net sellers seizing 90.19 percent and 2.22 percent respectively of the total markets, with a net equity of 2.546 million pounds and 4.135 million pounds, respectively, excluding the deals.
