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Staff report:

CAIRO, June 21, 2018 - Driven by a non-Arab bullish sentiment, Egypt's stocks rose in low volumes on Thursday.

The benchmark index EGX30 rose by1.25 per cent to 16,345.77 points. The broader indices EGX70 and EGX100 added 1.22 and 1.24 per cent to 811.36 and 2,062.80 points respectively.

Volume totaled LE749.7 million (around $42.1million), market data showed.

Locals and Arabs were net sellers of LE61.1million and LE3.2 million respectively. Non-Arab investors were net buyers of LE64.4 million, bourse data showed.

The EGX50 and EGX20 Capped indices added 1.15and 1.2per cent to 2,773.81 and 16,541.31 points respectively. Of a total 180 traded stocks yesterday 109 shares rose, 31 fell, 40 remained unchanged, market data showed.

 

CAIRO, June 12, 2018 - The Egyptian Exchange closed on mixed note on Tuesday, driven by Arab and local investors' sell-offs, in preparation for Eid El-Fitr.

Market capitalisation gained LE600 million to hit LE902.5 billion.

The stocks' benchmark EGX30 gained slightly 0.11 per cent to close at 15,938.11 points.

Meanwhile, the small and medium cap index EGX70 gained 0.33 per cent to close at 798.54 points. THE broader index EGX100 dropped 0.08 per cent to 2,036.09 points.

CAIRO, June 11, 2018 - Local stocks were in the red on Monday, on the backdrop of sell-offs by local and Arab institutions, investment funds and investors and purchases by foreign institutions.

The main index EGX30 declined by 1.37 per cent to stand at 15,921.25 points. The broader indices EGX70 and EGX100 dropped by 0.61 per cent and 0.95 per cent to stand at 795.88 points and 2,037.77 points, respectively, according to bourse data.

Market capitalisation lost about LE8.9 billion to close at LE901.9 billion, compared to LE910.8 billion a day earlier.

Meanwhile, stocks in Saudi Arabia and the United Arab Emirate rose slightly on Monday amid weak volumes ahead of Eid holidays, which marks the end of the Muslim fasting month of Ramadan, while financial and real estate stocks sent Qatar down.

Trading in the Gulf is usually muted ahead of holidays as some traders cash in shares and are generally cautious of any developments in global markets during the closure of their bourses.

Eid holiday begins on Wednesday in the Saudi market and on Thursday in UAE markets, extending into the first few days of next week.

In Saudi, the index added 0.03 per cent, with petro-chemicals firm SABIC and Al Rajhi Bank rising 0.6 per cent and 0.2 per cent respectively. Samba financial group lost 0.9 per cent and Arab Bank fell 1.2 per cent.

In Dubai, the main index rose 0.15 per cent, backed by a 0.4 per cent rise by Dubai Islamic Bank which rose for the second session a row after its 5.1 billion dirham rights issue was nearly three times oversubscribed.

Arabtec fell 1.7 per cent, as traders took profit following a two-day rally that sent the shares 10.2 per cent higher.

The Dubai market rallied over the past days with enhanced levels of liquidity as the emirate announced a series of initiatives to reduce corporate costs and stimulate growth.

The Abu Dhabi index rose 0.3 per cent amid muted trading on a handful of shares. First Abu Dhabi Bank rose 0.8 per cent, while Abu Dhabi Islamic Bank fell 1.5 per cent.

In Doha, the index lost 0.3 per cent as financial and real estate stocks were trading on a negative note.

Qatar National Bank and Qatar Islamic Bank lost 0.6 per cent and 0.8 per cent respectively while Barwa Real Estate shed 1.2 per cent.

CAIRO, June 10, 2018 - The Egyptian Stock Exchange gained Sunday LE8.1 billion at the week start, driven by purchases by investment funds, and local and foreign institutions after losses during the past two weeks.

The stocks' main index EXG30 rose 1.38 per cent to close at 16,142.72 points. The small and medium index EGX70 went up by 0.78 per cent to close at 800.75 points.

Meanwhile, the broader index EGX100 gained 0.95 per cent to close at 2,057.25 points.

Market capitalisation hit LE910.8 billion amid transactions at a total value of  LE545.6 million.

The Egyptian Exchange and the banks will close on June 17 & 18 on the celebration of the Muslim's Eid El-Fitr. Work in the Egyptian Banks and the Egyptian Exchange will resume on Tuesday, June 19.

CAIRO, June 5, 2018 - The Egyptian Exchange indices dropped collectively at the close of Tuesday's trading session amid sell-offs by local and Arab institutions.

The benchmark index EGX30 went down 2.33 per cent to close at 16,022.11 points.

The small and mid-cap index EGX70 dropped 1.57 per cent to close at 818.69 points.

The broader index EGX100 decreased by 1.65 per cent, to close at 2,085.01 points.

Market capitalisation lost about LE15.5 billion to hit LE912.1 billion amid transactions that reached around LE849.9 million.

The Bourse halted trading on 26 companies for exceeding the allowed 5 per cent decline limit in a single session.

CAIRO, June 4, 2018 - Local stocks were in the red on Monday, driven by local and foreign sell-offs and purchases by Arab investors.

Market capitalisation lost about LE11.7 billion to close at LE927.6 billion, compared to LE939.3 billion a day earlier.

The main index EGX30 declined by 1.63 per cent to close at 16,404.33 points. The broader indices EGX70 and EGX100 dropped by 1.54 percent and 1.61 percent to stand at 831.74 points and 2,120.09 points, respectively, according to bourse data.

Meanwhile, Gulf markets mostly ended higher on Monday, led by Dubai and Qatar and fueled by heavyweight stocks, while Saudi market stayed firm for the second straight day following appointment of new market-friendly labour minister.

The Dubai index jumped 1.6 percent, on a 2.6 percent gain by the market’s largest listed developer, Emaar Properties, which hit a one-month high, closing at 5.4 dirhams.

Shares in DAMAC Properties reached a four-week high, rising 2.6 percent to 2.4 dirhams.

A monthly Reuters poll of leading Middle East fund managers, published on Thursday, found sentiment shifting in favour of United Arab Emirates equities after their poor performance so far this year.

Fifty-four percent of managers now expect to raise their allocations to UAE equities in the next three months and none plan to reduce allocations, the most positive balance since January 2017. The managers cited valuations, which have become cheap compared to booming markets such as Riyadh.

Saudi was flat to positive as investors were upbeat with the appointment of a prominent businessman as labour minister and as they await a possible MSCI upgrade to emerging markets status on May 20.

Saudi index added 0.1 percent. Heavyweight National Commercial bank rose 1.14 percent and Almarai jumped 4.5 percent.

Al Rajhi Bank closed 1.4 percent down, reversing a two day rally during which it jumped 3.6 percent, after businessman Ahmed bin Suleiman al-Rajhi, a son of the bank’s founder, was named labour minister.

The market as a whole is positive about Rajhi’s appointment because he was a key figure in the private sector’s lobbying of the government to make its austerity and labour policies less damaging to businesses. The extent to which he may actually change policy is not clear, however.

In Abu Dhabi, the index was up 0.2 percent as Emirates Telecom rose 1.2 percent and Dana Gas < jumped 2>8 percent.

In Doha, the index rose 2.1 percent, with main support coming from Industries Qatar that jumped 4.1 percent and Qatar National Bank that went 2.8 percent higher.

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