EGX rallies as Egypt receives Gulf deposits
Egyptian Exchange - YOUM7

CAIRO: The Egyptian Exchange (EGX) ended on a collective rise Thursday, pushed by investors’ upbeat sentiment as Egypt finally received $6 billion in deposits as part of Gulf aid pledged during the economic summit held in Sharm el-Sheikh last month.

The benchmark index EGX30 posted a 1.18 percent hike to 8,731 points at close, up from 8,629 points Wednesday.

Also, the small and mid-cap index EGX70 rose by 0.71 percent to end at 491 points, compared to 487.5 points in its last session. Meanwhile, the broader index EGX100 added 0.29 percent, ending at 989.2 points.

Market capitalization added around 3.4 billion EGP ($445.66 million,) totaling 507.2 billion EGP, up from 503.8 billion EGP Wednesday.

“Saudi Arabia, Kuwait, and the UAE each deposited $2 billion in the Central Bank of Egypt (CBE.) The deposits carry an interest rate of 2.5 percent with maturities ranging from three to five years,” Youm7 quoted Egypt’s Central Bank Governor Hisham Ramez late Wednesday.

Gulf countries promised a total of $12.5 billion in aid and investments to Cairo on the opening day of the Egypt Economic Development Conference (EEDC); Kuwait, Saudi Arabia, and the United Arab Emirates each pledged $4 billion to Egypt, while Oman pledged $500 million.

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