EGX 30 Celebrates Morsi’s Winning, Closes Above 4400 Pts, CIB 9.65% Up
Published Monday, 25 June 2012 15:11 | Written by Amwal Al Ghad
Amid announcing Dr. Mohamed Morsi as Egypt’s first post-revolution president, the Egyptian Exchange (EGX) had posted gains during Monday closing amounted to EGP 17.9 billion the capital market has reached EGP 328.529 billion.
Islamist Mohamed Morsi of the Muslim Brotherhood was elected president of Egypt with 51.7 percent of last weekend's run-off vote, defeating former general Ahmed Shafiq, the state election committee said on Sunday.
He succeeds Hosni Mubarak, who was overthrown 16 months ago after a popular uprising. The military council which has ruled the biggest Arab nation since then has this month curbed the powers of the presidency, meaning the head of state will have to work closely with the army on a planned democratic constitution.
The main index, EGX30 jumped 7.59% to close at 4482.48 p. EGX20 climbed 7.72% to end at 5111.29 p.
Meanwhile, the mid- and small-cap index, the EGX70 soared 6.34% to finish at 409.81 p. Price index EGX100 surged 6.37% to conclude at 694.81 p.
Traded volume reached 166.671 million securities worth EGP 519.409 million, exchanged through 26.604 thousand transactions.
This was after trading in 184 listed securities; 5 declined and 177 advanced while 2 keeping their previous levels.
Egyptians were net buyers seizing 67.97% of the total markets, with a net equity of EGP 50.288 million excluding the deals.
On the other hand, the non-Arab Foreigners and Arabs were net sellers seizing 22.04% and 10% respectively, of the total markets, with a net equity of EGP 43.406 million and EGP 6.882 million excluding the deals
"I wouldn't judge the market on one day. Let's wait for the rest of the week. One more speech and the market could drop," said Osama Mourad, CEO of Arab Finance Brokerage.
The market fell 10 percent over the course of the election on fears it could be derailed or marred by violence. But voting, and the announcement of Morsi's win against Ahmed Shafik, ousted leader Hosni Mubarak's last prime minister, passed off peacefully.
"The market is celebrating the lack of violence around this result," said Mourad. "The market was afraid of clashes on the streets."
EGX’s leading shares witnessed collective upwards led by shares of Commercial International Bank- Egypt (CIB) (COMI.CA) which climbed 9.65% to hit EGP 24.43. Shares of EFG-Hermes Holding (HRHO.CA) surged 7.77% reach EGP 10.12. Shares of Shares owned by Orascom Construction Industries (OCIC.CA) edged up 7.42% to reach EGP 237.93.
Additionally, shares of Orascom Telecom Holding (OTH) (ORTE.CA) jumped 7.27% to reach EGP 2.95. Shares of Orascom Telecom Media & Technology Holding (OTMT.CA) which soared 5.19% to hit EGP 1.42.
Most Popular »
- Egypt’s Main Gauge Nears 5430 Pts Powered By Seven Kidnapping Release News
- IFE Not Notified Officially With New Bancassurance Regulations
- Egypt’s Central Bank Offers US$ 800 Mln At Exceptional FX Auction
- Crowell & Moring Advises ADIB Egypt On Landmark Islamic Finance Deal
- Hamas Felicitates Egyptians On Releasing The Abducted Soldiers