Egyptian Exchange gains EGP 13.7bn on foreign buying

CAIRO (Capital Markets in Africa) –  The Egyptian Exchange finished Monday on a stronger note amid foreign buying appetite for blue-chip stocks.

The main index EGX30 hit the highest mark since 8 May 2008 after adding 265.6 points or 2.36% to close at 11,543.07 points.  

CIB, Talaat Moustafa, SODIC, Edita, Hermes, Qalaa, Amer Group, Orascom Telecom, Ezz Steel, Domty, GB Auto, Elsewedy, Global Telecom, Pioneers, and Egyptian Resorts saw a 1.3-10% rise.

Meanwhile, Kuwait Holding and Universal fell by 5% and 2.31%, respectively.

The small and mid-cap index rose 1.98% to 432.8 points.

The broader index EGX100 increased 2.11% to 1,034.03 points and the equal-weighted index EGX50 was higher 2.63% to 1,804.83 points.  

Market capitalization gained EGP 13.7 billion to end at EGP 557.9 billion, compared with EGP 544.2 billion for the year-ago period.

Foreigners were net buyers by EGP 145 million, while Arabs and Nationals were net sellers by EGP 129.8 million and EGP 15.2 million, respectively.

Trading value reached EGP 2.1 billion after 754 million shares were traded.

Global Telecom was the most active stock in terms of value as registering EGP 255.5 million for 43 million shares changing hands.

Amer Group was the most active in terms of volume after 144.5 million shares were traded at more than EGP 52.5 million.

Both stocks finished ended the session up 3.91% and 2.86%, correspondingly.

Al Masah Capital Weekly reported yesterday that Egypt’s bourse delivered the strongest performance among its regional peers over the last week after rising 5% to break the 11,000 level for the first time since 2008.