Cairo – Mubasher: The Egyptian Exchange finished Monday in the green territory on a broad buying appetite developed by foreign investors.
The main index gained 36.27 points, or 0.49%, to end at the mark of 7,409.27 points.
Likewise, the small and mid-cap EGX70 rose 0.06% to 368.64 points. The broader index EGX100 inched up 0.03% to the mark of 775.08 points.
Meanwhile, the equal-weighted index EGX50 closed 0.34% lower to 1,375.38 points.
“EGX30’s largest constituent, CIB, was a main driver of the index’s recovery as it surged 1.1%. EFG Hermes, OTMT, and Madinet Nasr holding were the top gainers …as each jumped by 3.2%, 2.9%, and 1.7% respectively”, said Pharos Research in its daily market report.
Foreign investors were net buyers by EGP 76.97 million, while Egyptians and Arab investors were net sellers by EGP 71.88 million and EGP 5.08 million correspondingly.
With 140.68 million stocks changing hands over 19,470 transactions, trading value reached EGP 444.40 million.
The top advancers were Egyptian International Tourism project, Atlas for Land Reclamation and Agricultural, and Ceramic & Porcelain with a rise of 8.11%, 7.46%, and 5.41% respectively.
On the flip side, the laggards were led by Medical Packaging Company (-8.09%), El Arabia for Land Reclamation (-7.99%), and Saudi Egyptian Investment & Finance (-6.08%).
Thanks to institutions and foreign investors’ buying appetite, the Egyptian Exchange ended Monday’s trading session on a positive note, said Hanan Ramses, CEO of Cairo Securities. Moreover, the delay of Beltone’s bid for CI Capital and Standards & Poor’s latest rating are negatively affecting the performance of EGX indices, namely the buying tendency of National investors rather than the foreign ones, Hanan added.
Traders are expected to re-focus on the small and medium stocks in the mid-week session, while the bourse is likely to witness a slight and cautious rise backed by foreign investor’s growing optimistic sentiments, she concluded.
Translated by Ahmed El-Sayed Ali
