Arab purchases push Egypt's benchmark index up by 1.7 pct

Tuesday 02-02-2016 05:54 PM

CAIRO, Feb. 2 (Aswat Masriya) – Egypt's benchmark index EGX 30 climbed up 1.7 per cent on Tuesday as Arab investors made net purchases, after shares dropped to attractive prices.

EGX 30 reached 5,983 points up from 5,908 points the day before. Yet, EGX 70 for small and medium enterprises retreated by 0.9 per cent, and the broader EGX 100 dropped by 0.5 per cent.

Arab investors recorded net purchases of EGP 51.8 million, while foreign and Egyptian investors recorded net sales valuing EGP 4.4 million and EGP 47.3 million, respectively.

Global and Arab markets largely faced a decline today as oil prices continued to slide. 

The stock market's main index had dropped on Monday by 1.4 per cent as local companies were affected by Sunday's decision to increase tariffs on a range of imports in addition to the falling oil prices.

The decision marked the latest efforts by the authorities to curb dollar spending on imports as the country struggles with a currency crisis.

Egypt aims to reduce its import bill by 25 per cent in 2016, from $80 billion in 2015.  

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