Saudi Loan Backs Egypt Stocks to Gain EGP2 bln at Closing

Egypt’s stocks have closed higher on Monday posting gains totaled at EGP 2.1 billion backed by the US$2 billion Saudi aid package submitted to the cash-strapped country.

Accordingly, the benchmark bloomed on Monday to cross 5450 pts.

The Egyptian Exchange’s indices were wavering in green notes during the closing session of Monday.

Egypt’s benchmark index EGX30 inched up by 0.60% to close at 5451.72 p; while the EGX20, it surged by 0.81% to end 6358.71 p.

Meanwhile, the mid- and small-cap index, the EGX70 went up by 0.61% to conclude 436.15 p.  The price index EGX100 rose by 0.48% to finish at 747.19 p.

The capital market has closed at EGP 362.755 billion on Monday.

Local, Arab Buyers

Egyptians and Arabs’ buying transactions on Monday have powered EGX’s closing gain as they were net buyers seizing 67.7% 8.13% respectively, of the total markets, with a net equity of EGP 71.613 million and EGP 28.585 million, excluding the deals.

Meanwhile,  the non-Arab foreigners remained net sellers seizing 24.17% of the total markets, with a net equity of EGP 100.199 million excluding the deals.

Higher Traded Volumes & Trades

Through the closing session of Monday, the trading volume has reached 136.426 million securities. For the traded value, it hit EGP 517.895 million, exchanged through 21.939 thousand transactions.

Also during the closing session, 165 listed securities have been traded in; 49 declined, 90 advanced; while 26 keeping their previous levels.

Saudi Loan

Egypt’s central bank has received $2 billion in Saudi funds in the form of a five-year interest-free loan, the bank’s governor Hisham Ramez said on Sunday.

The funds deposited with the bank are part of a $5 billion aid package to Egypt that Saudi Arabia pledged on July 9 after the Egyptian army overthrew President Mohamed Morsi.

The aid will also include $2 billion in energy products and $1 billion in cash.