EGX rallies on Sisi's initial election winning

CAIRO – 29 March 2018: The Egyptian Exchange (EGX) ended the last session in March with a collective height, amid foreign purchases after the announcement of the initial indicators of the Egyptian presidential election.

Initial figures showed that 21,088,295 voted for Sisi in polling stations across Egypt, excluding several stations in Cairo and Giza; Moussa on the other hand gathered 682,797 votes.

The benchmark EGX30 rose 0.84 percent, or 144.64 points, to end at 17,450.1 points.

The equally weighted index EGX50 increased 1.45 percent, or 42.83 points, to reach 2986.67 points.

The small and mid-cap index EGX70 rebounded 0.87 percent, or 7.49 points, ending at 870.97 points and the broader index EGX100 climbed 0.79 percent, or 17.47 points, to close at 2238.27 points.

Market capitalization gained LE 6.1 billion, recording LE 974.18 billion ($55.11 billion), compared to LE 968.1 billion in Wednesday’s session.

The trading volume reached 908.02 million shares traded through 46,357 transactions with a turnover of LE 2.54 billion.

Egyptian and Arab investors were net sellers at LE 6.43 million and LE 50.36 million, respectively, while foreign investors were net buyers at LE 56.78 million.

Egyptian, Arab and foreign individuals were net buyers at LE 117.65 million, LE 18.22 million and LE 10.22 million, respectively.

Egyptian and Arab organizations sold at LE 124.08 million and LE 68.58 million, respectively, while foreign organizations bought in at LE 46.56 million.

BPE Holding for Financial Investments, Alexandria Pharmaceuticals, and Cairo Pharmaceuticals were top gainers of the session by 9.95 percent, 9.44 percent, and 8.98 percent, respectively.

While El Arabia Engineering Industries, Rowad Tourism (Al Rowad), and Egyptians Real Estate Fund Certificates were top losers of the session by 18.44 percent, 7.04 percent, and 6.96 percent, respectively.

The EGX ended Wednesday on a mixed performance as EGX30 rose 0.20 percent and EGX50 increased 0.52 percent while EGX70 slipped 0.72 percent and EGX100 decreased 0.75 percent.

The presidential election kicked off on Monday and will continue until March 28, in a race pitting incumbent President Abdel Fatah al-Sisi against Al-Ghad party chairperson, Moussa Moustafa Moussa.

The 2018 presidential election is the third poll to take place in Egypt since the January 2011 revolution. Egyptian expatriates have already voted in mid-March across 124 countries.