EGX market watch March 14: 3 billion gain in collective increase
EGX Chairman Mohamed Omran - YOUM7 (Archive)

CAIRO: During the course of last week sessions, the Egyptian Stock Exchange EGX indexes collectively edged higher supported by intensive purchases of Arab and Egyptian investors as the EGX capital gained 3 billion EGP ($2.16 billion) since the end of last week.

For the indexes, the EGX30 main index edged 2.4 percent higher to 8140 points, the EGX70 for small and mid-cap enterprises recorded an 0.89 percent increase to value 651 points. The broader EGX100 increased by 1.08 percent to count 1116 points.

EGX capital for the registered shares gained 3 billion EGP over the course of last week sessions to total 491.6 billion EGP.

Egyptian investors acquired 88.16 percent of EGX transactions; foreign investors acquired 5.35 percent while Arab investors acquired 6.48 percent, after excluding deals.

Without deals, the foreign investors’ net sell recorded 36.93 million EGP, while the Arab and Egyptian investors’ net purchases were valued 12.05 and 24.88 million EGP respectively.

Over the course of last week sessions, the institutions acquired 36.07 million EGP of EGX transactions, while the remained was done by individuals, excluding deals.

Over the course of this year sessions, the foreign investors’ net purchases recorded 258 .04 million EGP, while Arab investors’ net purchases valued 167.80 in the same period.

Said Helal , the acting manager for Al-Helal Al Saudi company for securities, attributed the increase in last week trading sessions to the latest state of optimism among investors due to  the progress of the roadmap, the growth in EGX capital due to the increase in the registered companies for securities and the last state of intensive purchase by Arab and  Egyptian investors.

The last amendments in the executive regulations of capital market, especially the article No. 65 allowed many small-enterprises to run EGX’s transactions, Helal told The Cairo Post.

The Egyptian Financial Supervisory Authority has decreased the rate of registration at EGX for financial security companies from 15 million EGP in shares to 5 million EGP.

Helal further said the development of the roadmap along with the semi-state of stability would promote Egypt’s market to attract more investment.

About his expectations for the next week, Helal said “I do not prefer the continuous increase in indexes, as it might be followed by harsh state of decline for profit taking.”

 Additional reporting by Mahmoud Askar.

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