EGX enters green zone Tuesday, market cap. gains LE 10.8B

CAIRO – 12 May 2020: The Egyptian Exchange (EGX) ended midweek session in green after Moody’s Rating Service affirmed Egypt’s rating at B2, adding LE 10.8 billion of market capitalization, amid Egyptian purchases.

Moody's Investors Service ("Moody's") affirmed Monday the long-term foreign and local currency issuer ratings of the Government of Egypt at B2. The outlook remains stable.

Moody's also affirmed Egypt's foreign currency senior unsecured ratings at B2, and its foreign currency senior unsecured MTN program rating at (P)B2.
 

Moody's keeps Egypt's rating at B2 with stable outlook

CAIRO - 12 May 2020: Moody's Investors Service ("Moody's") affirmed Monday the long-term foreign and local currency issuer ratings of the Government of Egypt at B2, and kept the outlook stable. Moody's also affirmed Egypt's foreign currency senior unsecured ratings at B2, and its foreign currency senior unsecured MTN program rating at (P)B2.

The benchmark EGX30 rose 2.84 percent, or 292.03 points, to close at 10,588.36 points.

The equally weighted index EGX 50 hiked 3.37 percent, or 50.54 points, to end at 1,550.04 points.

The small and mid-cap index EGX 70 increased 3.08 percent, or 33.98 points, to close at 1,138.46 points, and the broader index EGX 100 jumped 3.34 percent, or 60.38 points to 1,869.26 points.

Market capitalization gained LE 10.8 billion, recording LE 557.78 billion, compared to LE 546.95 billion in Monday’s session.

The trading volume reached 256.85 million shares, traded through 29,840 transactions, with a turnover of LE 997.66 million.

Egyptian investors were buyers at LE 103.33 million, while Arab and foreign investors were net sellers at LE 16.07 million, and LE 87.25 million, respectively.

Egyptian and Arab individuals were net buyers at LE 7.97 million, and LE 4.7 million, respectively, while foreign individuals were net sellers at LE 2.18 million.

Egyptian organizations bought at LE 95.36 million, while Arab and foreign organizations sold at LE 20.81 million, and LE 85.1 million, respectively.

Northern Upper Egypt Development & Agricultural Production, Ismailia Development and Real Estate Co, and El Arabia Engineering Industries were top gainers of the session at 9.98 percent, 9.67 percent and 9.30 percent, respectively.

Meanwhile Sinai Cement, Misr Hotels, and Alexandria Spinning & Weaving (SPINALEX) were top losers of the session by 9.79 percent, 9.78 percent, and 9.60 percent, respectively.

On Monday, EGX ended the session in semi-collective regression, as: EGX30 rose 0.38 percent, while EGX 50 dropped 0.81 percent, EGX 70 declined 2 percent, and EGX 100 lessened 1.51 percent.