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Market Report: Optimism sweeps Egypt stocks to 3-month high EGX30 stock benchmark restarts its climb to reach 5,628 points as individual Egyptian investors show confidence
The EGX30, Egypt's benchmark stock index, climbed 1.56 per cent to 5,628.09 points in Sunday trade, its highest level in three months, prompted by heavy activity of individual investors. "There's a general wave of optimism among investors due to the relative stability Egypt is witnessing," Ashraf Abdul Aziz, head of institutions sales at Arabia Online Securities, told Ahram Online. "The market is gaining back the trust of traders -- that's why you'll find individuals are beating institutions in terms of market activity." Individuals were highly active in Sunday's session, comprising more than 74.5 per cent of the market. They were net-buyers of LE14.5 million of equities as opposed to institutions, which were net-sellers. Foreigners were net-sellers making up 11.7 per cent of the market and offloading LE1.5 million of stocks, while Egyptians were net-buyers of LE4.6 million. From 182 listed shares, 120 gained and 49 declined, with total equities turnover of around LE 630 million ($109m). All sectors finished in the green except chemicals, food and beverages, and healthcare and pharmaceuticals. Travel and leisure showed the biggest gains, up 6.15 per cent, followed by real estate, up 2.83 per cent -- the latter sector's, heavyweights Palm Hills Development (PHD) and Talaat Mostafa Group (TMG), increased by 4.74 per cent and 3.25 per cent respectively. Amer Group Holding surprised some by becoming Sunday's top gainer, gaining more than 8 per cent, despitethe start of legal proceedings against one of its projects. The Egyptian Center for Economic and Social Rights this weekend filed a law suit contesting the allocation of 2.8 million square meters of land in Fayoum governorate to the Amer Group for building a luxury resort.
