Cairo – Mubasher: The strong buying activity among institutions gave momentum to Egypt’s stock market on Wednesday, while retail traders ended as net sellers.
The main index, or EGX30, rose by 1.05% or 67.5 points to close at 6,488.5 points. Similarly, EGX70 added 0.86% to 359.2 points and the broader index EGX100 pulled ahead by 0.68% to 751.7 points. The equal-weighted index EGX50 ended 1.25% higher at 1,119.7 points.
Commercial International Bank, the heaviest weight stock, rose by 0.24% to close at EGP 33.9. It recorded a traded value of EGP 29.1 million.
Market capitalisation rose by EGP 2.5 billion ($316.5 million) to close at EGP 416.4 billion, from EGP 413.9 billion on Tuesday.
Wednesday’s traded value amounted to EGP 425.8 million.
National and Arab institutions tended towards boosting their equities. National and Arab traders were net buyers by EGP 21.9 million and EGP 6.9 million in a row, while foreign traders were net sellers by EGP 28.8 million.
The market rise was triggered by the news that Saudi King Salman orders an increase in investments in Egypt, coupled with upbeat data from global markets, said Mahmoud Hossam, Head of Client Accounts at MubasherTrade.
The analyst expects EGX to continue its sideways movement between 6,300 points and 6,700 points.
The Saudi monarch ordered helping Egypt meets its petroleum needs for the next five years, and also ordered that Saudi investments in Egypt be more than SAR 30 billion ($8 billion), according to Saudi state news agency SPA.
Misr Oils, ADIB – Egypt, NUEDAP, Gharbia Islamic and Amer Group were the top gainers. Meanwhile, National Cement, Portland Cement, Suez Cement, Beltone and Mansoura Poultry were the biggest losers.
Qalaa Holdings was the top active with turnover reaching EGP 50 million.
