Cairo – Mubasher: Egypt's equity market rose this week by 0.17% or 10 points to end at 6,089 points, amid a decline in overall liquidity.
Market capitalisation added around EGP 3 billion ($385 million) to reach EGP 392.76 billion, up from EGP 389.74 billion last week.
Liquidity in the market remains below the EGP 300 million level, which causes 'fragile' rises in indices, said Hanan Ramsis, executive director at Cairo Brokerage.
She added that the market is moving in a tight price channel between 5,800 points and 6,200 points and could not cross it due to limited liquidity.
EGX70, which measures small and mid-cap stocks, rose by 0.65% to end the week at 392, while the broader index EGX100 gained 0.6% to 724 points. The equal-weighted index EGX50 shut 2.9% higher at 1,164.
National and foreign traders were net sellers by EGP 195.9 million and EGP 72.3 million respectively, while Arab traders were net buyers by EGP 268.3 million.
The analyst expects the initial public offering of Egypt's dairy firm Domty on Sunday to attract liquidity from the second market.
Domty will float 49% of its capital in two tranches for institutions and retail investors.
Translated by Sayed Abdel Rahman
