The Egyptian Stock Exchange on Tuesday rose following two consecutive days of losses, with renewed buying appetites on the part of foreign and Arab investors. Egyptian investors, for their part, were more inclined to sell.
The flagship EGX 30 index–which tracks the exchange’s 30 most active stocks–rose by 2.1 percent, gaining 140 points to close at 6659. The price index, meanwhile, jumped 3.5 percent, with 162 company stocks rising in value and three declining in a day that saw total trades worth LE1.95 billion.
Blue-chip stocks rose by between 1 and 10 percent, led by 6th October for Development, Palm Hills for Development, Talaat Mostafa Group and Orascom Construction. Orascom Telecom, meanwhile, jumped by 6 percent after increasing its overall capital to LE5.2 billion.
On Monday, exchange administrators canceled 2728 trades–worth a total of LE15.29 million–on Agwaa Food Industries after the company postponed an IPO aimed at increasing its capital to a total of LE1.2 billion. As a result, company shares fell by 20 percent.
Translated from the Arabic Edition.
