Stocks in Egypt as investors welcome government’s steps
Egypt’s stock market surged Tuesday as investors welcome government’s proactive steps
Main index, EGX30 climbed 0.94 percent, to 8048.69 points.
The government will start talks with China over a $2 billion loan next week and plans to issue international bonds in October or November, the Deputy Finance Minister for Treasury said on Monday.
This comes after an IMF official said last week that the Fund had held “very productive discussions” with authorities in China and Saudi Arabia about their contributing to that bilateral financing.
Some of the shares favoured by foreign funds outperformed with Global Telecom Holding (GTHE.CA) adding 2.4 percent and Commercial International Bank (COMI.CA) rising 1.2 percent.
Over the last several months the government has been proactive about jolting the economy back to stronger growth and replenishing the dried up hard currency stock. Case in point, the Trade and Industry Minister Tarek Kabil said on Tuesday that exports would rise by 10 percent if and when authorities devalue the pound.
In March the central bank devalued the currency, but its positive effects were short lived as capital inflow remained subpar.
Other indices; EGX50 EWI index added 0.35 percent, to 1350.85 points; EGX20 surged 1.22 percent, to 8077.24 points.
Mid- and small-cap index EGX70 dipped 0.29 percent, to 350.24 points. Price index, EGX100 increased 0.11 percent, to 801.99 points.
Market Cap
Market capitalisation gained 3.46 Egyptian pounds ($389.7 million), to record 413.840 billion pounds during the closing session of Tuesday.
Turnovers
The bourse’s trading volume reached 117.902 million securities, with turnovers, closing at 405.288 million pounds, exchanged through 14,879 transactions.
Also during the closing session, 163 listed securities have been traded in, 46 declined, 58 advanced; while 58 kept their previous levels.
Investors’ Activities
Arab investors remained net buyers capturing 13.76 percent of the total market, with a net equity of 55.966 million pounds, excluding the deals.
On the contrary, local and non-Arab foreign investors were net sellers controlling 66.95 and 19.29 percent respectively of the total markets, with a net equity of 19.661 million pounds and 36.304 million pounds, respectively, excluding the deals.
