Cairo – Mubasher: The Egyptian Exchange indices jumped on Monday, after the central bank devaluated the Egyptian pound against the U.S. dollar in an exceptional auction.
The Central Bank of Egypt said that it devalued the pound to 8.85 against the U.S. dollar at a special foreign exchange auction. The currency had been previously been kept at 7.73 to the dollar.
The benchmark index EGX30 jumped 6.7% or 440.02 above the level of 7,000 points, closing at the level of 7,003.85 points, to hit itshighest level in 32 months.
The market capitalisation gained EGP 14.9 billion ($1.7 billion) reaching EGP 427.97 billion, compared with EGP 413.09 billion in the previous session.
The equal weighted index EGX50 went up 5.25% to 1,286.55 points, while the small and mid-caps index EGX70 added 1.79% to 360.52 points.
The broader index EGX100 surged 3.35% to 758.30 points.
The market’s total trading value amounted to EGP 1.4 billion, with 711.3 million shares changing hands.
Out of 180 stocks traded today, advancers outnumbered decliners by 146 to 19, while 15 stocks remained unchanged.
Foreign investors came as net buyers with EGP 26.9 million, while local and Arab investors ended as net sellers with EGP 22.7 million and EGP 4.2 million respectively.
The institutions were net buyers, while retail investors were net sellers.
