Cairo – Mubasher: The Egyptian Exchange (EGX) opened Wednesday trades in the green on the back of purchases by Egyptian and Arab investors.
By 11am Cairo time, the benchmark EGX30 index grew 0.23% or 29 points to 12,818.7 points, rising above the 12,800 mark, which it shed at the close of Tuesday’s session.
The EGX70 index gained 0.42% to 522.9 points, while the EGX100 and EGX50 indices increased 0.31% and 0.48% to 1,241.2 points and 1,981.4 points, respectively.
Turnover reached EGP 89.6 million after 312.6 million shares changed hands.
Egyptian and Arab investors were mostly buyers, netting EGP 6.2 million and EGP 1.3 million, respectively, whereas foreigners were net sellers with EGP 7.5 million.
Edita’s stock led gainers, surging 7% followed by Orascom Telecom, Media and Technology (OTMT) and Egyptian Iron and Steel with 3% and 2.8%, respectively.
Earlier today, OTMT said the Egyptian Financial Supervisory Authority (EFSA) had approved a request by OTMT Acquisition to exclude it from presenting a mandatory tender offer for the purchase of 51.66% of OTMT’s shares, which was put into force after Orascom Telecom Holding was split in February 2012.
In the meantime, the EGX’s heaviest-weighted stock Commercial International Bank – Egypt (CIB) declined 0.65% to EGP 76.5.
Cairo Oils, Pioneers, and Domty were among blue chip fallers, shedding 2.5%, 1.4%, and 1.3%, respectively.
Earlier on Wednesday, analysts told Mubasher that they expected the EGX will see a sideways movement during Wednesday’s and Thursday’s trading sessions, particularly after the benchmark EGX30 index closed below 12,800 points on Tuesday.
The EGX will likely extend its correctional sideways movement in the remaining sessions of the week, an analyst said.
The bourse’s benchmark index closed Tuesday down 1.08% or 139.61 points to 12,789.52 points, ending a nine-session rising streak.
