Masress : CBE starts EGX investment, raises hope of rebound

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CBE starts EGX investment, raises hope of rebound

Alyaa Stohy Published in Daily News Egypt on 28 - 03 - 2020

Expectations for the local market's performance are optimistic following the Central Bank of Egypt (CBE) pumping EGP 20bn into the Egyptian Stock Exchange (EGX) this week.
Ibrahim Al-Nimer, Head of Technical Analysis Department at Naeem Securities Company, said last week's EGX sessions witnessed a positive performance after sharp declines witnessed in recent times. He added that this was due to measures taken by the government to support economy and local markets, following President Abdel Fattah Al-Sisi's decision to pump EGP20bn into the stock market through the CBE.
The National Bank of Egypt (NBE) and Banque Misr have also announced that they will be pumping EGP 3bn of investments into the stock market, in addition to the CBE's decision to reduce interest rates. This is occurring alongside decisions to reduce stamp tax and postpone capital gains tax.
Al-Nimer added that the current time and prices are suitable for long-term investment, advising investors to be selective, explaining that the short-term investor can pump money into long-term investments to keep up with the current situation.
EGX 30 index closed at 9,912.98 points, recording an increase of 7.68%. EGX70 EWI index posted 14.15% gain concluding the session at 959.42 points, while the S&P index rose by 8.46% and concluded the session at 1,379.63 points.
EGX 30 index cap rose 10.66% and concluded at 11,280.27 points, while the EGX 100 index rose 11.4% and concluded the session at 1,036.16 points.
Total market capitalisation reached EGP 539.9bn at the end of session, representing an increase of 6.97% over the last week.
The total value traded recorded EGP 61.1bn, while the total volume traded reached 1,447 million securities executed over 131,000 transactions last week.
Since the beginning of the year, Egyptians represented 64.6% of the value traded in listed stocks after excluding deals. Foreigners accounted for 26.0%, while Arabs captured 9.4%. Foreigners were net sellers by EGP 2,307.9m, and Arabs were net sellers EGP 1,110.0m, after excluding deals in listed stocks during this year since it started.

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