Cairo – Mubasher: Egyptian Exchange (EGX) indices grew in the week ended Thursday, 13 July, on the back of Arab and foreign investors’ purchases, following a 2% rise in interest rates the week before.
The benchmark EGX30 index surged 3.39% or 452.7 points reaching 13,822.59 points, registering a record high.
Trading volume on the EGX’s main index reached 1.68 billion shares during the week, generating EGP 3.6 billion in turnover.
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) on Thursday, 7 July, announced raising interest rates by 2% or 200 basis points (bps). The hike involved increasing overnight deposit interest and overnight lending to 18.75% and 19.75%, respectively.
Market capitalisation closed at EGP 713.85 billion, increasing by EGP 12.13 billion, and registering its highest level since August 2008.
The EGX70 index levelled up 1.73% to 685.5 points and the EGX100 gained 1.58% reaching 1,570.96 points.
The equal-weighted EGX50 index increased 1.41% to reach 2,124.2 points, with a trading volume 1.8 million shares generating EGP 4 billion.
The Commercial International Bank – Egypt’s (CIB) stock surged 6.75% or EGP 5.47 reaching EGP 86.5.
Net purchases by foreign and Arab investors reached EGP 37.7 million and EGP 91.53 million, respectively, while Egyptian investors’ sales amounted to EGP 129.3 million.
