Egyptian Exchange EGX 30 Price Index Rises 1.7%; COMI EC Leads

CAIRO (Capital Markets in Africa) – The Egyptian Exchange EGX 30 Price Index rose 1.7 percent to 14,972.94. The move was the biggest since rising 2.2 percent on Nov. 28 and follows the previous session’s decrease of 1.6 percent. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 1.2 percent.

Commercial International Bank Egypt SAE contributed the most to the advance, rising 1.8 percent. Abou Kir Fertilizers & Chemical Industries increased 4.9 percent, the biggest gain. Telecom Egypt Co. fell 0.2 percent, the biggest loss. The biggest movers also included: Abou Kir Fertilizers & Chemical Industries, up 4.9 percent; ElSewedy Electric, up 4.4 percent; Arabian Cement Egypt, up 1.7 percent; and Egyptian Iron & Steel, up 2.8 percent.

In the past year, the index had a similar or greater gain five times and continued to rise the next day by an average 0.9 percent.

Today, 24 of 30 shares rose, while 1 fell. The Egyptian Exchange EGX 30 Price Index is down 0.3 percent so far this year. The index is 26 percent above its 52-week low of 11,844.5 reached on Feb. 28 and 3.2 percent below its 52-week high of 15,472.43 on on Jan. 21

MACRO: The Egyptian Pound depreciated 0.19 percent to 17.6659 against the U.S. dollar. Credit default swaps were unchanged at 275.85.

Source: Bloomberg Business News