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Tuesday, 01 December 2020

Egypt's main index rebounds by 0.4%

After election day drop, EGX 30 gains a slight 0.4%, closing at 6816.29 points

Khaled Barakat, Monday 29 Nov 2010
Bourse
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Views: 844

Egypt's main stock index, EGX 30, inverted its downward trend, ending the day on a positive note with a slight increase of 0.4% at 6816.29 points. The EGX 70, for small and medium companies, continued its upward rise, closing the day up 0.5%, to close at 737.52 points.

"It is just a rebound, the market is bouncing slowly, it fell yesterday, it picked up today," said Hisham Tawfiq, CEO of Arabaya. Total turnover reached approximately L.E1.5 billion, with Mobinil and Maridive as the biggest gainers of the day. Shares of 59 companies rose today, while 118 slipped.

Foreigners were net buyers today, Monday -- a turn from yesterday, said Malik Sultan, financial analyst of Dar El Mal Finance House. Foreign investors accounted for 16.5% of the total Egyptian stock exchange trading today, with sales of LE224.31 million against purchases of LE268.6 million.

Egyptians made up 80.5% of total trading, with sales estimated at LE1.21 billion, compared to purchases of LE 1.18 billion. 

"Egyptians too were rather in the buying mood," said Kamal Mahgoub, Managing Director of the Economic Community of Financial Advisors.

 

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