Egypt's stocks ended higher on Wednesday with gains totalling 1.8 billion Egyptian pounds powered by the regulatory approval on Sawiris-Beltone tender offer for a 20 % stake in EFG-Hermes. In return, the main stock index, EGX30 surged to approach 8440 points. Egypt's financial regulator has approved a US$257 million joint bid by Beltone and billionaire Naguib Sawiris for a 20 % stake in EFG-Hermes, Chairman of the Egyptian Financial Supervisory Authority, Sharif Samy announced today. EFG-Hermes is one of the biggest investment banks in the Middle East, and a deal to buy a major stake in it would be seen as a sign of revival in Egypt's equity market after years of depressed activity since the 2011 revolution. Meanwhile, the EGX indices were wavering in green notes during the closing session of Wednesday. Indices Egypt's benchmark index EGX30 ended 0.51 per cent higher to 8439.9 pts; while EGX20 finished 0.42 per cent up to 10191.32 pts. In addition, the mid- and small-cap index, the EGX70 inched up by 0.51 per cent to end at 594.78 pts. The price index EGX100 rose by 0.38 per cent to conclude at 1045.81 pts. Furthermore, the market capitalization recorded EGP 484.060 billion on Wednesday. Turnovers above EGP 1 billion Through the closing session of Wednesday, the trading volume has reached 184.334 million securities, with turnovers worth EGP 1.085 billion, exchanged through 22.293 thousand transactions. Also during the closing session, 183 listed securities have been traded in; 46 declined, 90 advanced; while 38 kept their previous levels. Investors' Activities Egyptian and the non-Arab foreign investors were net buyers capturing on Wednesday 87.21% and 5.93% respectively of the total markets, with a net equity of EGP 6.526 million and EGP 22.091 million respectively, excluding the deals. On the contrary, Arab investors were net sellers seizing 6.87% of the total market, with a net equity of EGP 28.618 million, excluding the deals.
