Cairo – Mubasher: The Egyptian Exchange (EGX) finished Monday on a stronger note, extending its green streak to the eighth trading session on the free flotation of Egyptian pound (EGP).
The main index EGX30 added 502.8 points, or 5.38%, to level up at 9,852.69 points, thus recording the strongest performance since 10 February 2015.
The small and mid-cap EGX70 increased 1.5% to 370.86 points.
The broader index EGX100 rose 2.49% to 874.7 points and the equal-weighted index EGX50 was 3.46% higher to end at 1,478.2 points.
Trading value reached EGP 2.18 billion after 688.9 million shares were traded.
Market capitalization gained EGP 17.5 billion to close at EGP 475.77 billion, compared to EGP 458.25 billion yesterday.
Out of 185 traded stocks, 141 were up, 22 were down, and 22 remained at their previous levels.
Foreign and Arab investors were net buyers by EGP 481.4 million and EGP 17.1 million, while Egyptian traders were net sellers by EGP 498.5 million.
By category, institutions, led by the foreign ones, were net buyers by 272.28 million and individuals tended to sell their stocks.
A number of stocks saw record-time gains, including the CIB that gave the highest performance ever after rising by 8.3% to EGP 64.07 with a turnover of EGP 439.6 million.
Global Telecom ticked the most robust performance in 52 weeks, moving 7.7% higher to EGP 5.72 with a trading value of EGP 242.97 million.
Orascom Telecom, EFG-Herms and Talaat Mustafa went up 9.84%, 3.01% and 4.4% respectively.
Credit Agricole, Elsewedy, Alexandria Container and Cleopatra registered the highest performance in 52 weeks.
“The bourse saw today an exceptional performance after trading volume recorded the highest amount since 2008 due to the EGP liberalization”, said market analyst Hesham Hassan, noting that the market gained 1,200 points in three sessions.
Traders are likely to have a good chance for building buying positions due to an expected wave of correction and profit-taking in the coming sessions amid a positive outlook on the short and mid-term, the analyst added.
