Indexes of the Egyptian Exchange (EGX) ended Thursday’s session collectively higher, with improved investors’ appetite due to recent positive reports on EGX performance by major research firms.

Benchmark index EGX30 rose 1.69%, or 131.35 points at 7899.46 points.

Small and mid-cap index EGX70 also crept up by 1.15% to 595.39 points.

The broader index EGX100 ended 1.2% higher at 1043.99 points.

Market capitalization gained EGP 6.2 billion to reach EGP 469.5 billion, with turnover of EGP 1.4 billion.

Brokers said that indices rose significantly due to heavy buying activities by investment funds and local institutions.

Buying was driven by a recent report by Beltone Financial recommending investors to buy more stocks at the current low prices.

Beltone recommended investors today to buy Egyptian stocks and increase shares in portfolios of international, regional and local institutions, pointing out EGX’s ability to be more activated during the second half of fiscal year 2014.

Beltone said that the positive outlook is supported by the foreseen economic and political stability. The report added that EGX is expected to be positively affected by the new economic procedures taken by the cabinet.

Beltone expected EGX to resume its high performance as investment funds increase liquidity due to selling activities over the last weeks. The balance of payments surplus is also expected to reach $2.5 billion, according to Beltone.


Egyptian and foreign retail investors were net buyers, meanwhile Arab investors leaned to selling as institutions leaned to buying.