Cairo – Mubasher: The Egyptian Exchange (EGX) gained nearly 76.2% or 5,339 points during 2016 to close at 12,344.89 points recording its all-time high.
Egypt’s bourse gains in 2016 followed the recent decision made by the Central Bank of Egypt to float the Egyptian pound against the US dollar.
The market witnessed 57.4 million shares changed hands worth EGP 152.7 billion.
The small and medium caps index EGX70 gained 22.38% or 84.75 points to end the year at 463.44 points, reaching its most high level since late November 2009.
Moreover, the broader index EGX100 gained 38.6% to close at 1,096 points, while the equal weighted index EGX50 rose 60.3% to end 2016 at 1,924.76 points.
The market capitalization gained around EGP 172 billion in 2016 reaching EGP 601.6 billion, up from EGP 429.8 billion at the end of the previous year.
“The market capitalization jumped 42% that is equivalent to EGP 179 billion in 2016, to exceed EGP 600 billion for the first time over the last eight years and after 2008 financial crisis as well,” said Mohamed Omran, EGX Chairman in a previous statement to Mubasher.
Foreign investors were net buyers with EGP 7 billion during 2016, according to EGX figures.
