Cairo – Mubasher: The Egyptian Exchange (EGX) closed Sunday’s trading session in the green territory on the back of the Central Bank of Egypt’s (CBE) decision to trim interest rates.
Late Thursday, the CBE’s Monetary Policy Committee (MPC) had decided to cut interest rates by 1%. The overnight deposit rate and overnight lending rate have been reduced by 100 basis points (bps) to 15.75% and 16.75%, respectively.
The benchmark EGX30 index jumped 214.43 points, or 1.43%, finishing the session at 15,274.01 points.
Market capitalisation gained EGP 10.2 billion and closed at EGP 837.8 billion.
The small- and mid-cap EGX70 index rose 1.14% to 720.55 points, while the broader EGX100 index added 1.20% to 1,820 points. Likewise, the equal-weighted EGX50 index grew 1.58% to 2,449 points.
Trading volume amounted to 407.07 million shares exchanged through 38,400 transactions at a turnover of EGP 1.4 billion.
The heavyweight Commercial International Bank's (CIB) stock levelled up 0.54% to EGP 76.29, with a turnover of EGP 69.04 million.
Egyptian investors were net buyers with EGP 65.05 million, while foreign and Arab investors were net sellers with EGP 31.26 million and EGP 33.7 million, respectively.
Palm Hills led rising blue-chip stocks with 7.31%, followed by EFG Hermes and Emaar Misr which rose 4.05% and 3.93%, respectively.
