CAIRO: The Egyptian stock Exchange’s EGX indexes closed Thursday in collective increase, supported by foreign investors’ intensive purchases on the lead shares, while Arab and Egyptian investors mostly sold.
Foreign investors’ intensive purchases pushed the EGX main index to increase by 1.69 percent, gaining 6.1 billion ($870 million) EGP by the end of the Thursday sessions, according to the EGX home page.
EGX’s capital soared by 6.2 billion EGP by the end of Thursday’s sessions to close at 469.5 billion EGP compared to463.3 billion EGP during Wednesday transactions.
During Thursday trading sessions, the Arab and Egyptian investors’ net sales edged higher to 12.3 billion EGP and 740, 000 EGP respectively, while foreign investors’ net purchases were valued at about 13 million EGP.
The benchmark EGX30 rose by 1.68 percent during Thursday sessions to 7,897 points, the EGX70 index for small and mid-cap enterprises edged higher also by 1.15 percent to reach 595 points while the broader EGX100 edged higher by 1.2 percent, scoring 1048.9 points.
El Kahera El Watania Investment Company shares topped the gainers with a 9.11 percent increase, worth 6.94 EGP, followed by Prime Holding for Financial Services by an 8.9 percent increase to 3.50 EGP, it said.
Meanwhile, the Cairo Investment and Real Estate Development share had the biggest loss, with a 6.33 percent decline to 109.6 EGP per share followed by Misr Hotel, with a 4.55 percent decline to 13 EGP per share.
Saed Hilal, the executive manager for Al-Hilal Al-Saudi Company for financial securities attributed the EGX large increase to heavy buying activities by foreign investors, investment funds and institutions.
The last state of fluctuation, which lasted for about two consecutive weeks, stemmed from the purchasing trend adopted by investment funds along with financial portfolios’ directors to settle their financial situation at the end of the fiscal quarter, which ended March 30, Hilal told the Cairo Post.
Thursday’s trading sessions will be a start for a corrective wave for EGX indexes, he said, adding that he expected that the EGX30 main index would head for the resistance level between 8000-8100 points.