EGX bounces to green zone after Vodafone-STC deal

CAIRO – 29 January 2020: The Egyptian Exchange (EGX) bounced into the green zone during Wednesday’s trading, pushed by the announcement of Vodafone-STC deal, amid Egyptian and Arab selling.

On Tuesday's night, Vodafone Group announced the signing of a memorandum of understanding (MoU) to sell its potential 55 percent stake in Vodafone Egypt to Saudi Telecom Company (STC) for $2.392 billion (LE 37 billion).

The benchmark EGX 30 hiked 1.04 percent, or 142.26 points, to close at 13,762.84 points.

The equally weighted index EGX 50 jumped 1.86 percent, or 34.88 points, to end at 1,905.56 points.

Moreover, the small and mid-cap index EGX 70 rose 1.38 percent, or 7.27 points, to close at 534 points, and the broader index EGX 100 increased 1.53 percent, or 20.82 points to 1,384.63 points.

Market capitalization gained LE 8.36 billion, recording LE 699.88 billion, compared to LE 691.53 billion in Tuesday’s session.

The trading volume reached 142.34 million shares, traded through 22,005 transactions, with a turnover of LE 624.62 million.

Foreign investors were net sellers at LE 82.45 million, while Egyptian and Arab investors were net buyers at LE 39.78 million, and LE 42.66 million, respectively.

Egyptian and Arab individuals were net buyers at LE 21.41 million and LE 20.22 million, respectively, while foreign individuals were net sellers at LE 2.22 million.

Egyptian and Arab organizations bought at LE 18.36 million, and LE 21.96 million, respectively, while foreign organizations sold at LE 80.23 million.

Ismailia Misr Poultry, Telecom Egypt, and Ismailia National Food Industries were top gainers of the session 11.02 percent, 10 percent and 9.90 percent, respectively.

Meanwhile, EL Ezz Aldekhela Steel - Alexandria, Egyptian Transport (EGYTRANS), and GlaxoSmithKline were top losers of the session by 4.06 percent, 3.76 percent, and 2.15 percent, respectively.

EGX ended Tuesday’s session in red, as: EGX30 inched down 0.14 percent, EGX 50 dipped 0.44 percent, EGX 70 dropped 0.83 percent, and EGX 100 decreased 0.66 percent.