In Week, Egypt Stock Market Gains EGP18 billion

In one week of trading, Egypt’s stock market shares gained around 18 billion Egyptian pounds (US$2.5 billion). The Egyptian stock Exchange’s benchmark EGX30 index climbed by 4 percent in a week, with an increase of 340 points, ending Thursday’s transactions at 8740 points, versus 8399.89 points at the end of a week earlier.

The main gauge index registered its highest point on Wednesday closing at 8766.12 points, whereas its lowest point recorded on Sunday at 8690.43 points.

In addition, the mid- and small-cap index, the EGX70 inched up in a week by 2.8 percent closing at 558 points during Thursday’s session, compared to 543 points at the end of a week earlier.

The price index, EGX100 surged by 3.9 percent finishing at 1072 points during Thursday’s session, from 1031 points at the end of a week earlier.

Market Cap

Furthermore, the market capitalization closed at EGP 494.024 billion last Thursday, compared to EGP 476.016 billion at the end of a week earlier.

Turnovers: Lower

Through the week, the trading volume hit around 794.4 million securities. For the traded value, it reached EGP 5.5 billion against EGP 5.8 billion a week earlier.

Market Remarks:

–         Prime: Misr Italia’s Restructuring ‘Completed’ This Month ahead of IPO

Egypt’s financial service company Prime Holding plans by end of this month to complete the restructuring of Misr Italia Group ahead of starting an IPO scheme, chairman Mohamed Maher said.

According to Maher, the restructuring process is part of a plan to sell 20% share of Misr Italia on the Egyptian stock Exchange (EGX) through an initial public offering scheduled by the first quarter of 2015.

The IPO would help Misr Italia raise funds need for its future expansions.