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EGX closes at highest level of 10,500 points buoyed by local purchases - Daily News Egypt

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EGX closes at highest level of 10,500 points buoyed by local purchases

EGX30 tests 10,800-11,000 points level in remaining sessions of Ramadan, says Lotfy

The Stock Exchange’s (EGX30) main index closed with an upward move of 2.84% at the end of session on Tuesday, reaching a stable 10,588 points.

It was supported by local purchases on a package of low priced stocks selected that were attractive to buyers. The EGX70 EWI index rose 3.08% to 1,138 points.

 Mohamed Lotfy, Managing Director of Ostoul Securities Brokerage, anticipates that there will be a test of the 10,800- 11,000 points levels during the remaining sessions of Ramadan. This will run in parallel with news of life returning to normal.

He denied that a complete curfew will be imposed on citizens in the coming days to curb and reduce coronavirus (COVID-19) infections.

Lotfy said that investors must be careful when choosing stocks and avoid raising the risk rate, especially with the major price movements of stock markets around the world. He stressed that stock exchanges pumping in investments in the coming period, and the trend of central banks to reduce interest rates or switch to negative interest, will be a boost.

Lotfy stressed that the EGX’s banking, health and communications sectors are the best among their counterparts for their low risk rates. He anticipated the entry of purchasing powers from local institutions, and banks in particular, in implementing the government and Central Bank of Egypt (CBE) directives.

The EGX50 index of equal weights rose yesterday by 3.37%, and remains stable at the 1,550 points level. The EGX30 capped index rose by 2.92%, to remain stable at the 12,174 points level. The broader EGX100 index rose by 3.34%, and is stable at the 1869 points level.

The market recorded trading values ​​of EGP 997.6m through the circulation of 256.9 million shares and the implementation of 29.800 sales and purchases. Those followed trading in the shares of 169 listed companies, of which shares in 120 companies rose.

The prices of 22 securities declined, along with the prices of 27 shares remaining unchanged. The market capital of registered shares was stable at the level of EGP 557.8bn, gaining about EGP 10.9bn during the session.

Net dealings of Egyptians alone went towards buying, with a value of EGP 103.3m and an acquisition of 74.7% of shares sales and purchases. Net transactions of Arabs and foreigners went towards selling, recording EGP 16.1m and EGP 87.3m, respectively, with a 5.5% acquisition rate of 19.8% of transactions.

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