The Egyptian stock market kicked off trading on Tuesday with a major rise, bolstered by purchasing on the part of foreign investors. The day also saw a wave of selling by Egyptian and Arab investors.
Egyptian investors sold some LE10.4 million worth of stock, while their Arab counterparts sold off some LE3.45 million. Foreign investors, by contrast, were net purchasers for the day to the tune of LE13.87 million.
The benchmark EGX30 index rose by 1.27 per cent to close the day's trading at 5110.5 points, while the broader-based EGX70 index, which tracks medium and smaller-sized companies, increased by 0.66 per cent to close the day out at 448.04 points.
The EGX20 index, meanwhile, increased by 1.5 per cent to finish the day at 5885.96 points, while the EGX100 index increased by 0.82 per cent to close trading at 775.14 points.
"Today's trade volume officially reached some LE360 million," said stock market expert Moustafa Badra. "Today is the last day for debt settlements, which encouraged trading."
Badra welcomed proposals to privatise Egypt's stock market, saying, "If this idea comes into effect, it will attract more clients and trade companies; this would expose the market to more international competition."
The day saw a wave of notable gains, with Orascom Telecom Holdings increasing by 1.39 per cent; Telecom Egypt by 1.14 per cent; Commercial International Bank (CIB) by 1.32 per cent; and Talaat Moustafa Group by 1.65 per cent.
Several other leading companies witnessed sharp rises, including investment house Citadel Capital, shares in which rose by 1.98 per cent, and luxury real estate developer Palm Hills, which saw gains of 1.45 per cent.
Shares in Ezz Steel, meanwhile, climbed by 2.84 per cent for the day.
Short link: