EGX flags in green, market cap. gains LE25.42B in response to CBE's decisions

CAIRO – 27 October 2022: The Egyptian Exchange (EGX) ended Thursday’s session in the green zone, adding around LE 25.42 billion to the market capitalization, amid Arab and foreign purchases.

 

This came in response to the Central Bank’s decision to raise interest rates by about 2 percent in an exceptional meeting, and the flexibility to move the exchange rate against foreign currencies.

 

The Central Bank of Egypt (CBE) announced, earlier Thursday, the issuance of several decisions related to the exchange rate, interest rates and letters of credit for importing.

 

The decisions which were taken in an exceptional meeting included raising the Central  Bank of Egypt’s (CBE) interest rates by 200 basis points or 2 percent, in an exceptional meeting.

 

The overnight deposit rate, overnight lending rate, and the rate of the main operation were raised  to 13.25 percent, 14.25 percent, and 13.75 percent, respectively.  The discount rate was also kept raised to 13.75 percent.

 

 

The benchmark EGX30 surged 4.92 percent, or 518.82 points, to end at 11,072.02 points.

 

The equally weighted index EGX 50 increased 2.61 percent, or 51.56 points, to end at 2,025.73 points.

 

The small and mid-cap index EGX 70 hiked 0.72 percent, or 15.92 points, to close at 2,241.72 points, and the broader index EGX 100 climbed 1.50 percent, or 47.88 points, at 3,243.92 points.

 

Market capitalization gained around LE 25.42 billion, recording LE 745.79 billion, compared to LE 720.37 billion in Wednesday’s session.

 

The trading volume reached 701.72 million shares, traded through 72,704 transactions, with a turnover of LE 2.3 billion.

 

Egyptian investors were net sellers at LE 317.17 million, while Arab and foreign investors were net buyers at LE 129.28 million, and LE 187.89 million, respectively.

 

Egyptian and Arab individuals were net sellers at LE 316.34 million, and LE 41.61 million, respectively, while foreign individuals were net buyers at LE 6.98 million.

 

Arab and foreign organizations bought at LE 170.89 million, and LE 180.91 million, respectively, while Egyptian organizations sold at LE 831,102.

 

Egyptian Kuwaiti Holding-EGP, Qatar National Bank Alahly, and Commercial International Bank (Egypt) were top gainers of the session at 9.71 percent, 9.28 percent and 9.22 percent, respectively.

 

Meanwhile, Lecico Egypt, Marsa Marsa Alam for Tourism Development, and Egyptian Real Estate Group were top losers of the session by 5.07 percent, 5 percent, and 4.99 percent, respectively.