CAIRO: The Egyptian Exchange indexes collectively rose during Tuesday’s trading sessions pushing its EGX to gain 2.3 billion EGP supported by Egyptian and foreign investors’ purchases, while the Arab investors mostly sold.
The benchmark EGX30 edged higher by 0.78 percent to a worth of 8369 points, the EGX70 for small and mid-cap enterprises soared by 0.87, registering 615 points, while the broader EGX100 increased by 0.84 percent to value at 1075points by the end of the sessions, it reported.
By the end of the sessions, the EGX capital market gained 2.3 billion EGP to value at 485.2 compared to 482.8 billion by the end of Monday’s session.
Excluding deals, the foreign investors’ net purchases were valued at 71million by the end of the session. Meanwhile, the Arab and Egyptians’ net selling were worth 42.9 and 28.1 million EGP respectively, it reported, pointing out that 53.6 percent of the EGX transactions were acquired by individuals while the remaining 46.4 per cent were done by institutions.
Saeed Hilal, executive manager for the Al-Hilal Al-Saudi Company for Financial Securities, attributed the large increase at the EGX indexes to the state of optimism followed the EGX’s head Mohammed Omran’s statement at the Initial Public Offering conference Tuesday along with foreign investors’ intensive purchases.
Further, Hilal announced that the new offers will include the National Project for Developing the Suez Canal Axis along with government companies, pointing out that the last period witnessed offering from the Arabian Cement Company’s shares at the EGX.
Hilal said, “such offers along with the applied strategies pushed the EGX to achieve 25 percent profits in six months,” pointing out that new offers at the EGX will have promising chances for investments in the coming period.
During the IPO conference Tuesday, EGX’s head announced that 2014 will witness new offers at the EGX, inviting investors to invest at the EGX in the coming period, Mubasher News gate reported.