Cairo – Mubasher: The Egyptian Exchange suspended trading on 17 stocks as their rise exceeded 5% after Sunday’s mid-trading session.
Until 10:21am Cairo time, the bourse saw 100 stock slope in the green zone, 12 ones in the red area, and 34 ones stay at their previous level.
With 22.8 million shares changing hands, market turnover reached EGP 526.6 million.
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 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 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.
Cairo bourse kept moving in the green zone during Sunday’s mid-trading session as the benchmark index added 313.5 points, or 4.4%, to 7,496.5 points by 1:40pm Cairo time.
