Indices of the Egyptian Exchange (EGX) showed bullish performance this week with market gains exceeding EGP 2.2 billion, amid buoyant investor sentiment after the statement of President Abdel Fattah El-Sisi about upcoming ‘pleasant surprise’.
In a speech marking the anniversary of the 23 July 1952 Revolution, El-Sisi spoke jubilantly of a top-secret project, but refused to reveal it, only saying that it's a "very beautiful surprise". The benchmark index EGX30 rose 1.23% or 106.5 points to close the week at 8744.39 points, compared with 8637.84 points last week.
Similarly, EGX70, which measures small and mid-cap stocks, added 0.74% or 4.56 points to 619.72 points, compared with 615.16 points.
The boarder index EGX100 advanced 0.55% or 6 points to 1095.57 points, compared with 1089.57 points.
The market’s heaviest weight CIB led the way on gains among blue chips, with a rise by 6.19% to EGP 40.81, compared with EGP 38.43 last week. It hit the highest levels since debut, after the bank reported 30.8% growth in H1 consolidated net profit to EGP 1.737 billion, compared with EGP 1.329 billion in H1-13.
In a speech marking the anniversary of the 23 July 1952 Revolution, El-Sisi spoke jubilantly of a top-secret project, but refused to reveal it, only saying that it's a "very beautiful surprise". The benchmark index EGX30 rose 1.23% or 106.5 points to close the week at 8744.39 points, compared with 8637.84 points last week.
Similarly, EGX70, which measures small and mid-cap stocks, added 0.74% or 4.56 points to 619.72 points, compared with 615.16 points.
The boarder index EGX100 advanced 0.55% or 6 points to 1095.57 points, compared with 1089.57 points.
The market’s heaviest weight CIB led the way on gains among blue chips, with a rise by 6.19% to EGP 40.81, compared with EGP 38.43 last week. It hit the highest levels since debut, after the bank reported 30.8% growth in H1 consolidated net profit to EGP 1.737 billion, compared with EGP 1.329 billion in H1-13.
Source:
Mubasher Exclusive
