Cairo – Mubasher: The Egyptian Exchange opened Thursday's trading session in the green territory backed by the Saudi $2 billion deposit.
The market's index jumped 221 point, or 2.7%, to settle at 8,407 points by 10:30am Cairo local time (CLT).
The small and mid-cap EGX70 added 0.55% to reach 344.97 points.
The broader index EGX100 was higher 0.99% to 798.6 points and the equal-weighted index EGX50 moved up 1.56% to 1,325.4 points.
Foreign investors were net buyers by EGP 14.2 million, while nationals and Arab investors were net sellers by EGP 11.8 million and EGP 2.4 million, respectively.
Trading value stood at EGP 197 million after 43 million shares were traded.
In terms of value, the CIB was the most active stock with a turnover of EGP 64.5 million after 1.2 million shares were traded. Its quote was placed at EGP 53.5 with a 4.3% rise by 10:30 CLT.
Market analyst Ahmed Abd Al-Hamid said the benchmark index is likely to target 8,300 points today on the news that the Central Bank of Egypt (CBE) received $2 billion Saudi deposit yesterday.
"This deposit reveals there is no disagreement between the two countries. It is likely to push the market forward today", the analyst added.
