By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) has seen an upward trend early Sunday on the back of the Central Bank of Egypt’s (CBE) decision to cut interest rates.
Last Thursday, the CBE’s Monetary Policy Committee (MPC) had decided to slash 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.
By 10:06 am Cairo time, the benchmark EGX30 index jumped 1.93% to 15,274.01 points, gaining 293.18 points.
The small- and mid-cap EGX70 index edged up 0.34% to 714.88 points, while the broader EGX100 index added 0.57% to 1,809 points.
Similarly, the equal-weighted EGX50 index climbed 1.57% to 2,449 points.
Meanwhile, trading volume amounted to 33.23 million shares exchanged through 3,100 transactions at a turnover of EGP 138.9 million.
The heavyweight Commercial International Bank (CIB) rose 3.19% to EGP 76.25, with a turnover of EGP 4.3 million.
Most of the blue-chip stocks opened Sunday’s trading session in green territory, topped by GB Auto, up 5.66%, followed by Palm Hills and SODIC which levelled up 4.6% and 3.96%, respectively.
Translated by: Mai Ezz El-Din
