Egypt’s stocks rose during Monday’s trading backed by foreign net buying amid reports about an imminent flotation of the local currency.
The market’s benchmark EGX30 was up 3.2 percent to register 8,133 points in a session that saw foreign investors, who made up 21 percent of traders and were the only net buyers for the day to the tune of EGP 52.7 million.
Beltone Financial, one of Egypt’s leading investment banks, expected in its report released on Sunday that the central bank would weaken the Egyptian pound to between EGP 11.5 and EGP 12.5 to the dollar in the coming hours from the current official value of 8.78 per dollar.
Beltone's predictions came after President Abdel Fattah El-Sisi met with the central bank’s governor Tarek Amer on Friday, which the investment bank described as the “final political endorsement” to the devaluing of the pound.
Out of 165 listed stocks, 108 saw gains while 28 declined. The total daily turnover for the listed securities registered some EGP 741 million.
Almost all the listed companies under the main index ended the trading as gainers led by the Commercial International Bank (CIB), which soared 2.95 percent to close at EGP 49.52 per share.
The real estate developer Talaat Moustafa Group (TMG) increased 5.19 percent to EGP 5.68 per share.
Telecom Egypt rose 2.25 percent to EGP 9.10 per share.
The investment bank EFG Hermes was up 4.49 percent to be traded at EGP 13.03 per share.
The broader index EGX70 also edged up 0.02 percent.