Cairo – Mubasher: The Egyptian Exchange's indices collectively finished Sunday’s trading session in the green zone on national and Arab investors’ stronger buying appetite as the central bank’s governor earlier indicated to a possible devaluation of the Egyptian pound. 

The benchmark index EGX30 bounced 4.66%, or 334.6 points, to 7,7517.43 points.

CIB, the largest EGX30 constituent, increased by 6.78% to EGP 43.3, heading trading values with EGP 119 million after more than 2.7 million shares were traded.

Further, SODIC, TMG, GT  , EFG-Hermes, Palm Hills, Pioneers, and OTMT saw a rise ranging from 5% to 10%. 

At a slower pace, the small and mid-cap index EGX70 rose by 1.95% to 360.99 points.

Similarly, the broader index EGX100 moved up by 2.12% to 769.70 points and the equal-weighted index EGX50 ended 3.03% higher to 1,345.9 points.

Nationals and Arab investors were net buyers by EGP 55.2 million and EGP 14.2 million respectively, while foreign investors were net sellers by EGP 69.4 million.

Trading value reached EGP 833 million after 381.9 million shares were traded.

Market capitalization gained EGP 11.4 billion (1.3 billion) to close at EGP 401.85against EGO390.46 billion. 

Today, EGX maintained the gaining streak started a week ago, making use of the absorption of Brexit shock, said Hanan Ramses, CEO of Cairo Securities, adding that Egyptians’ buying appetite also came back after the CBE governor’s stated that factories’ operation is more important than stabilizing the exchange rate.

Mohamed Gaballah, head of trading at Tawfik Securities Brokerage, added today’s rise is also driven by investors’ desire to hedge against a potential official devaluation of the Egyptian pound as the central bank’s governor early alluded to this scenario.

It is noteworthy that cario bourse saw a slide in March 2016 after the Egyptian pound was devalued by 112 piasters against US dollars. 

Last week, the benchmark index hit the mark of 7,182 points, unexpectedly gaining 240 points, or 2.88%.