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EGX rebounds on Gulf aids, benchmark up 1.2%

EGX rebounds on Gulf aids, benchmark up 1.2%
Photo Credit: Arabianeye-Reuters

The Egyptian Exchange (EGX) indices rebounded in Thursday's late trading, while the market capitalisation recorded nearly EGP 507.3 million.

The benchmark indexEGX30 advanced 1.18% to 8,731.29 points.

The small and mid-cap index EGX70 gained 0.71% to 491.04 points, while the broader EGX100 added 0.29% to 989.22 points.

"EGX has rebounded following the central bank announcement that it has received $6 billion deposits from three Gulf countries, which will enhance in its turn Egypt's foreign reserves," said Waleed Hilal, financial analyst, Mokattam Securities Brokerage.

Egypt said that it has received $6 billion deposits from Saudi Arabia, Kuwait and United Arab Emirates.

The turnover amounted to EGP 426.6 million, while traded volume reached around 97.4 million shares sealed through 14,500 transactions.

Local traders were buyers by EGP 63.8 million, while foreign and Arab traders were sellers by EGP 194 million and EGP 44.4 million, respectively.

Meanwhile, retail traders were net buyers; while institutions were net sellers.

Trans Oceans Tours topped the gainers, surging 11.11% to close at EGP 0.10.

Cairo Educational Services led the losers, falling 6.57% to close at EGP 9.90.