Stock market gains LE2.3 billion in Thursday trading

Stock market indices ended in the green on Thursday, supported by intensive purchases by Arab and Egyptian investors, especially of small and medium shares.
The main EGX30 index rose by 0.68 percent to close at 5,704 points, the small and medium shares EGX70 index rose by 1.17 percent to 488.68 points, and the broader EGX100 index rose by 1.01 percent to hit 816.4 points.
On the back of new liquidity injected into the market, total trading reached LE561.8 million, and the market capital gained LE2.3 billion to hit LE381 billion by the end of the trading session.
“Purchases exceeded profit earnings,” said financial expert Islam Abdel Atti, adding that global and Arab reports pointed to investment opportunities in the Egyptian market.
Capital market associations are submitting proposals to Finance Minister Ahmed Galal for the development of the stock exchange. “We ask him to abolish the stamp duty on transactions,” said Mohsen Adel, vice president of the Egyptian Society for Finance and Investment Studies. “The tax discourages investors.”
“We also have suggestions to revitalize the bonds and markets to facilitate liquidity management for local banks,” he said.
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