Cairo - Mubasher: The Egyptian Exchange’s (EGX) benchmark index EGX30 dropped 0.19% to the level of 13,369.88 points in the week ended Thursday, 6 July, marking a decline for the fourth week in a row.
Trading volume recorded 946.3 million shares, generating EGP 2.6 billion.
Market capitalisation increased by EGP 5.66 billion to EGP 700.87 billion, the highest level since 11 August 2008.
Said Al Fekki, branch director at Osool ESB Securities Brokerage (EBSC), said the benchmark index went up to 13,400 after the stamp tax came into effect.
The positive news related a CI Capital-led Egyptian-Emirati alliance winning the management of the initial public offer (IPO) of Engineering for Petroleum and Process Industries’ (Enppi) supports the market’s rise towards 13,700 points, Al Fekki added.
The analyst expected the Central Bank of Egypt’s (CBE) decision, which was to be announced late Thursday and entailed keeping interest rates unchanged, to impact on the stock exchange over the next week as large portion of shares.
Late Thursday, however, the CBE unexpectedly announced raising overnight deposit and lending rates by 2% or 200 basis points to 18.75% and 19.75%, respectively.
Meanwhile, the small and medium enterprise’s (SME) index, EGX70, closed the week at 673.82 points, after increasing 3.76%, while traded volume on the index reached 130 million shares, with a turnover of EGP 740 million.
The equal-weight EGX 50 index rose 0.55% to 2,094.58 points. Trading volume on the index exceeded 1.02 billion shares, valued at EGP 2.98 billion.
Similarly, the EGX 100 index went up 2.47% to close at 1,546.45 points, achieving a trading volume of 1.07 billion shares, exchanged at turnover of EGP 3.36 billion.
Foreign and Arab investors were net buyers with EGP 241.9 million and 18.2 million, respectively, while Egyptian investors were net sellers with EGP 162.4 million.
The share of the Commercial International Bank – Egypt (CIB), which owns the largest relative weight on the market, rose 1.64% at EGP 81.27. Trading volume on the stock reached 4.8 million shares, while traded value amounted to EGP 394.6 million.
