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Sunday, 31 May 2020

Egypt's stock exchange regains EGP 16.5 bln, up 3%

Doaa A.Moneim , Monday 23 Mar 2020
Egypt
Egypt's stock exchange (Reuters)
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In response to President Abdel-Fattah El-Sisi's directives to the Central Bank of Egypt (CBE) to inject EGP 20 billion to support Egypt’s stock exchange (EGX) performance, EGX’s indices have witnessed a surge in Monday trading sessions.

By the closing session, EGX 30 was upped by three percent at 10, 047 points, EGX 70 was raised by four percent, and EGX 100 increased by 4.3 percent.

The purchasing process was dominated by institutions with 96.63 percent, while individual purchases declined to only 3.36 percent.

Meanwhile, Egyptians drove the purchasing operations with EGP 13.055 billion, Arabs with EGP 522.140 million, and foreigners with EGP 411.403 million.

EGX capital market recorded EGP 540.835 billion, regaining EGP 16.5 billion, with total operations of EGP 14 billion.

Banking expert Hani Abul-Fotouh told Ahram Online that the EGX positive performance on Monday was the result of the president's directives to the CBE to invest EGP 20 billion in the stock market, in addition to the initiative that was launched by both National Bank of Egypt (NBE) and Banque du Caire, which allocated EGP 3 billion for the same purpose, besides the catalytic procedures package that the government has adopted since the end of last week.

He added that these procedures will boost the stock market significantly and the national economy as a whole, especially with the current threat of COVID-19 that has engulfed global financial and stock markets.

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