Cairo – Mubasher: The Egyptian Exchange (EGX) indices moved higher on Thursday as the market capitalization gained nearly EGP 11 billion supported by positive market sentiment after news that Egypt received a $2billion deposit from Saudi Arabia.
“Today’s market gains were driven mainly from strong buying activity by foreign investors,” said Ahmed Abdel-Hamid, Managing Director of Watheeqa Securities.
The benchmark index succeeded in breaking above the levels of 8,300 and 8,500 respectively, added Abdel-Hamid.
The benchmark index EGX30 jumped 3.90% or 319.17 points to close at 8,505.12 points, to hit its highest level since 28 June 2015.
The small and medium caps index EGX70 added 0.82% to 354.91 points, while the broader index EGX100 gained 1.6% to 803.38 points. Similarly, the equal weighted index EGX50 rose 2.42% to 1,336.56 points.
The market witnessed 321.8 million shares changed hands worth EGP 1.18 billion.
The market capitalization gained EGP 11.1 billion reaching EGP 420.5 billion.
Foreign investors were net buyers with EGP 61.5 million, while local and Arab investors were net sellers with EGP 3 million and EGP 58.5 million respectively.
