Saudi Investment Fund’s acquisition of stakes boost EGX's liquidity amid mixed performance

CAIRO –  10 August 2022: The Egyptian Exchange witnessed a mixed performance during Wednesday’s session, adding around LE 1.15 billion to market capitalization, amid Arab  purchases; which were supported by the Saudi Investment Fund’s acquisition of stakes in four Egyptian companies listed on the stock exchange.

 

The Sovereign Fund of Egypt (TSFE) announced Wednesday the completion of the acquisition of the Saudi Egyptian Investment Company, wholly owned by the Public Investment Fund (PIF), of state-owned minority stakes in four leading Egyptian companies listed on the Egyptian Stock Exchange, at a value of $1.3 billion.

 

The companies are Abu Qir Fertilizers Co., Misr Fertilizers Production Company (MOPCO), Alexandria Containers and Cargo Handling Co., and e-finance.

 

 

As for the indices, the benchmark EGX30 inched down 0.03 percent, or 3.42 points, to end at 9,965.46 points.

 

On the other hand, the equally weighted index EGX 50 rose 0.18 percent, or 3.24 points, to end at 1,816.93 points.  

 

The small and mid-cap index EGX 70 increased 0.76 percent, or 15.22 points, to close at 2,013.37 points, and the broader index EGX 100 inched up 0.50 percent, or 14.59 points, at 2,932.22 points.

 

Market capitalization gained around LE 1.15 billion, recording LE 666.54 billion, compared to LE 665.39 billion in Tuesday’s session.

 

The trading volume reached 1.56 million shares, traded through 47,022 transactions, with a turnover of LE 20.92 billion.

 

Arab investors were net buyers at LE 19.95 billion, while Egyptian and foreign investors were net sellers at LE 19.83 billion, and LE 110.64 million, respectively.

 

Egyptian and Arab individuals were net buyers at LE 46.87 million, and LE 42.17 million, respectively, while foreign individuals were sellers at LE 560,077.

 

Egyptian and foreign organizations sold at LE 19.88 billion, and LE 110.07 million, respectively, while Arab organizations bought at LE 19.91 billion.

 

Egyptian Transport (EGYTRANS), Northern Upper Egypt Development & Agricultural Production, and MM Group For Industry and International Trade were top gainers of the session at 11.82 percent, 10.89 percent and 9.72 percent, respectively.

 

Meanwhile, Wadi Kom Ombo Land Reclamation, Wadi Kom Ombo Land Reclamation and E-finance for Digital and Financial Investments were top losers of the session by 4.01 percent, 3.72 percent, and 3.56 percent, respectively.