Capital market up to highest level in 45 months, earns LE4.5 bn

Stock indices rose collectively on Tuesday with Egyptian investors buying in contrast to Arab and foreign investors who opted to sell.

The stocks overcame losses incurred from profit earnings early in the session.

Traders said investors did not sell much in anticipation of Field Marshal Abdel Fattah al-Sisi running for president and the fear that they may lose a great investment opportunity later.

The main EGX30 index rose by 0.14 percent to hit 7498.66 points, just shy of its highest level since April 2010. The small and medium stocks EGX70 index rose by 2.17 percent to close at 623.92 points, and the broader EGX100 index rose by 1.59 percent to record 1063.44 points.

Total trading reached LE829.1 million in 36,400 transactions and the capital market earned LE4.5 billion to reach LE465.1 billion at the end of the session.

Ahmed Shehata, head of research in a brokerage firm, said the market fluctuated between climbing on the anticipation of Sisi running for president and falling due to profit earnings of last week’s good results.

“The market would drop if Sisi decided not to run in the elections,” he said.

Ahmed Helmy, a financial market expert, said liquidity turned toward the leading stocks again after they had declined lately in favor of the small and medium stocks.

“Sisi’s nomination is the only supporting factor of the market,” he said.

http://www.egyptindependent.com//news/capital-market-highest-level-45-months-earns-le45-bn

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