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Egypt's Stock Market Sees Collective Enhancement

Egypt's Stock Market Sees Collective Enhancement

Sunday, 6 January, 2019 - 11:45
Traders are seen working below the Egyptian Exchange bell in Cairo. Mohamed Abd El Ghany / Reuters
Cairo - Asharq Al-Awsat
The Egyptian stock market (EGX) attained gains worth EGP16.4 billion (USD916 million), making the market capital of firms’ shares around EGP757.1 billion (USD42.3 billion) compared to EGP740.7 billion (USD41.38 billion) during the past week- a rise of 2.2 percent.

The weekly report of EGX showed a collective enhancement of the primary and secondary market indices in which EGX30 rose 2.16 percent to reach 13,265 points and EGX70 rose around 3.04 percent to reach 694 points.

Increases also included EGX100 (2.77 percent) reaching 1,731 points and EGX20 (1.98 percent) reaching 13,344 points.

Trading value rose during the past week to reach EGP4.2 billion (USD235 million), compared to the trading value of EGP2.6 billion (USD145 million). The report added that NILEX’s trading value was EGP2.5 million (USD140,000).

Egyptian investors' trading acquired 70.68 percent of total market trading while non-Arab foreign investors acquired 23.38 percent and Arabs 5.94 percent.

The report hailed that foreign investors trading recorded net purchases worth EGP580.57 million (USD32.4 million) while Arab investors recorded net purchases worth EGP29.67 million (USD1.66 million).

Last week’s concluding session - on Thursday - witnessed a variation in EGX performance after limited purchases of investment funds and Egyptian institutions, as well as selective selling of foreign investors.

Capital markets analyst Hosni El Sayed said that investors showed reservations towards trading, adding that the market might continue its varied performance until the Christmas holidays are over in the second half of next week, and foreigners are back from their vacations.

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