Cairo-Mubasher: The Egyptian Exchange (EGX) indices ended on a mixed note on Thursday, while most leading stocks rallied backed by the continued slump in the Egyptian pound’s exchange rate against the U.S. dollar.
The benchmark index EGX30 rose 0.43%, after it trimmed most of early gains, to close at 9898.86 points; thus it continued a rally for the fourth successive session and headed for its highest level since July, 2008.
The small and mid-cap index EGX70 drifted 0.23% lower to 569.97 points, while the broader index EGX100 sagged 0.52% to 1140.58 points.
Egypt’s stock market benefitted extensively from the fall in local currency, as it was propelled towards levels not reached since the global financial crisis, said Ehab Said, head of technical research, Osool Securities Brokerage.
Egypt's pound continued its depreciation against the U.S. dollar on Thursday for the fifth straight day, reaching EGP 7.39, thus hitting its lowest level since introducing the foreign currency auctions in December, 2012.
Bank sources told Mubasher that the local currency lost around 3.5% of its value against the dollar over the last five days, after the central bank let the currency depreciate from 7.14 for the first time in six months.
The analyst noted that small and mid-cap stocks were mostly negative as retail investors booked profit from the recent rise.
Retail nationals were net sellers by EGP 59.4 million, while retail Arabs were net buyers by EGP 23.2 million.
Arab and foreign institutions were net buyers by EGP 23.5 million and EGP 10.3 million respectively.
Leading stocks like Global Telecom, Sidi Kerir, Juhayna, OTMT, EK Holding and CIZB rose by around 0.8% and 5.1%.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
The benchmark index EGX30 rose 0.43%, after it trimmed most of early gains, to close at 9898.86 points; thus it continued a rally for the fourth successive session and headed for its highest level since July, 2008.
The small and mid-cap index EGX70 drifted 0.23% lower to 569.97 points, while the broader index EGX100 sagged 0.52% to 1140.58 points.
Egypt’s stock market benefitted extensively from the fall in local currency, as it was propelled towards levels not reached since the global financial crisis, said Ehab Said, head of technical research, Osool Securities Brokerage.
Egypt's pound continued its depreciation against the U.S. dollar on Thursday for the fifth straight day, reaching EGP 7.39, thus hitting its lowest level since introducing the foreign currency auctions in December, 2012.
Bank sources told Mubasher that the local currency lost around 3.5% of its value against the dollar over the last five days, after the central bank let the currency depreciate from 7.14 for the first time in six months.
The analyst noted that small and mid-cap stocks were mostly negative as retail investors booked profit from the recent rise.
Retail nationals were net sellers by EGP 59.4 million, while retail Arabs were net buyers by EGP 23.2 million.
Arab and foreign institutions were net buyers by EGP 23.5 million and EGP 10.3 million respectively.
Leading stocks like Global Telecom, Sidi Kerir, Juhayna, OTMT, EK Holding and CIZB rose by around 0.8% and 5.1%.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
