Following the Egyptian cabinet’s resignation, the country’s shares ended on Monday mixed but with gains totalled 851 million pounds powered by foreign buying appetite. In return, the Egyptian main stock index closed higher at 8045 points.
In a televised statement, Egyptian Prime Minister Hazem el-Beblawi said the government is to resign, giving no clear reason for the decision.
“Today the cabinet took a decision to offer its resignation to the president of the republic,” Beblawi added
In return, the Egyptian Exchange (EGX) indices were wavering in mixed notes on Monday afternoon.
Egypt’s benchmark index EGX30 ended 0.46 per cent higher to 8045.75 pts; while EGX20 finished 0.73 per cent up to 9580.49 pts.
On the contrary, the mid- and small-cap index, the EGX70 inched down by 0.85% to close at 660.04 pts. The price index EGX100 dropped by 0.63 per cent to conclude at 1130.05 pts.
Furthermore, the market capitalization recorded EGP 491.880 billion on Monday.
Turnovers Crossing One Billion Pounds
Through the closing session of Monday, the trading volume has reached 379.732 million securities, with turnovers worth EGP 1.153 billion, exchanged through 42.719 thousand transactions.
Also during the closing session, 186 listed securities have been traded in; 122 declined, 48 advanced; while 16 keeping their previous levels.
Foreign investors were net buyers on Monday capturing 6.52% of the total market, with a net equity of EGP 58.432 million, excluding the deals.
On the other hand, Egyptian and Arab investors were net sellers seizing 87.59% and 5.9% respectively of the total markets, with a net equity of EGP 39.304 million and 19.128 million respectively, excluding the deals.
At the EGX30, Cairo-based investment bank EFG-Hermes Holding (HRHO.CA) saw its share price rise by 1.19 percent to EGP 12.80.
Market bellwether Commercial International Bank S.A.E. (COMI.CA) advanced by 0.11 percent to EGP 36.90.
In the real estate sector, Palm Hills Development Company (PHDC.CA) climbed by 2.08 percent to trade at EGP 3.44, Talaat Moustafa Group Holding (TMGH.CA) pushed up by 1.80 percent to trade at EGP 7.90, and Sixth of October Development and Investment Co S.A.E – SODIC (OCDI.CA) grew by 1.22 percent to close at EGP 25.80.
PM Beblawi Tasked with Running Government’s Affairs
Egypt’s interim president Adly Mansour has asked prime minister Hazem el-Beblawi to run the government’s affairs until a new prime minister is selected, the state-run al-Ahram news website reported on Monday.