Cairo – Mubasher: Egyptian stocks opened Monday on a higher note, powered by the official devaluation of pound against dollar.
At 11:00am Cairo time, the benchmark EGX30 added 302 points, or 4.56%, to reach 6,866 points.
CIB, the most EGX30 heavy-weight stock, also saw a rise of 5.6% to EGP 39.5.
The equal-weighted index EGX50 also opened up 3.8% to 1,269 points. Likewise, the small and mid-cap EGX70 rose 1.7% to 360 points. And, the broader index increased by 2.3% to 750 points.
Trading value reached EGP 615 million at 11:00am after 368 million shares were traded over 18,000 transactions.
At 11:20am, foreign and Arab investors were net buyers by EGP 11 million and EGP 30.4 million in a row, while nationals were net sellers by EGP 41.3 million.
Cairo bourse gave a peak performance on all levels in early trade, namely after the pound was officially devaluated by the Central Bank of Egypt, said Adel Abdel Fattah, head of EAC Securities Brokerage (Themar).
The Egyptian exchange is now targeting the level of 7,000 and may witness some temporal and positive actions of profit-taking, he added.
Today, Egypt’s local currency was devaluated to 8.90 per dollar for buying and 8.95 for selling after the Central Bank of Egypt held an exceptional $200 million foreign exchange auction.
Translated by Ahmed El-Sayed Ali
