Egypt's stock market inches up in first session of the week

Sunday 28-02-2016 07:46 PM

A man rests at his desk at the Egyptian stock market in Cairo, November 25, 2012. REUTERS/Asmaa Waguih

By Yasmine Selim 

CAIRO, Feb 28 (Aswat Masriya) - The Egyptian stock exchange climbed across its main indices on Sunday, with the benchmark index EGX 30 rising by 1.26 per cent.  

EGX 30 went up from 6,079 points to 6,156 points. The index for medium and small enterprises EGX 70 and the broader EGX 100 both rose by 0.84 and 0.9 per cent, respectively.

Mohamed al-Naggar, the head of al-Marwa for brokerage and stock exchange said the stock market's climb today does not reflect the "real value" of trading, which was significantly low.

He told Aswat Masriya that trading throughout the past week ranged between EGP 300 million (around $38 million) and 350 million ($44.6 million) daily, adding that this was low. Trading today was worth EGP 354 million (equivalent to $45 million).    

Naggar said most global and Arabic markets are suffering from this issue, affected by low oil prices. 

Today's session is the first session of trading this week. EGX 30 rose by 2.27 per cent in trading over the past week, according to the bourse's weekly report.

Egyptian traders made net purchases worth EGP 10 million today, while Arab and foreign traders made net sales with a combined total of around EGP 9 million.

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