Cairo – Mubasher: The Egyptian Exchange’s (EGX) benchmark EGX30 index opened Sunday at a rise of 0.31% or 21.54 points, reaching 6,964.06 points by 10:19am Cairo time.
The EGX70 and EGX100 indices grew 0.61% and 0.44% to 353.16 points and 746.9 points, respectively. Turnover reached EGP 32 million after 20 million shares were exchanged.
Amer Group and Orascom Hotels and Development gained 3.85% and 3.71%, respectively, whereas the heavy-weight CIB-Egypt fell 0.83% to EGP 39.5 by 10:23am.
Egypt selling netted EGP 2.34 million, whereas Arab and foreign investor buying netted EGP 1.9 million and EGP 417,000, respectively.
The Egyptian bourse’s indices have opened July in the green, coinciding with the positive performance seen in Arab markets alongside expectations that oil prices will rise above $50 per barrel, Ayman Fouda, head of capital market committee at the African Economic Council told Mubasher via phone.
Trading is calm and the sideways movement is dominant, he noted, adding that this performance will continue until new liquidity is pumped into the market, particularly the heavy-weighted stocks.
