Investing.com – The Egyptian stock market’s gains widened during trading today, Monday, to continue the marathon of gains for the ninth session in a row, as it jumped to its highest level since July 2018.
By the end of trading today, Monday, the main market index rose to 16,241 points, before trimming its gains, to close at 16,183 points, rising by 0.4%, an increase of 65 points.
The market value of Egyptian stocks jumped by the end of trading today, Monday, in the range of 3 billion pounds, reaching levels close to 1.55 trillion pounds.
The gains of the Egyptian Stock Exchange widened since the beginning of the year, in the strongest start in years, as the main market index succeeded in adding nearly 1,700 points from the beginning of this January.
The market’s rise came despite a wave of declines that hit the prices of about 155 securities, while the prices of 58 securities increased, while the prices of 16 securities remained stable.
The declines of most stocks today come in light of a wave of selective profit-taking, after the market entered a wave of ascent over the course of 17 sessions, which was interrupted only by a single decline on January 10, when the index fell by 4%.
The rise in Egyptian stocks coincided with the growth of liquidity, which jumped to exceed the barrier of 2.44 billion pounds, after dealing with 752 million shares, by executing about 76.7 thousand transactions.
The main index rose from levels of 14,633 points at the end of trading on December 28, 2022, to current levels, an increase of 12%, or the equivalent of 1,700 points, since the beginning of the year.--
The rise of stocks was reinforced by the rise of the leading stocks, with the largest stocks in terms of relative weight, as it increased by 2.4% to the level of 46.4 pounds, with transactions amounting to 306 million riyals.
Shares of Financial Group Hermes (EGX:) rose by 1.8% to level 18.4 pounds, Qalaa Holdings shares increased by 1.3% to levels of 2.4 pounds, and Orascom (EGX:) for Development rose by more than 9.2% to levels of 7.5 pounds.
Juhayna Setback (EGX:)
On the other hand, from the strong rises during Sunday’s trading, Juhayna’s shares rebounded after announcing that there had been no amendment in the board of directors following the release of Soufan Thabet, the company’s founder and his son.
By the end of today’s trading, Juhayna’s shares fell 3.3% to levels close to 9 pounds, after rising yesterday by more than 10%, which prompted the stock exchange to suspend share trading.
Foreign and Arab purchases
The purchases of foreigners and Arabs were concentrated today in major stocks, which reinforced the rise of the main index EGX 30, and on the other hand, the dealings of local investors tended towards selling.
Net foreign transactions at the end of the transactions amounted to 160 million Egyptian pounds as net purchases, while Arab purchases amounted to more than 100 million Egyptian pounds. On the other hand, Egyptians’ net sales transactions exceeded 260 million Egyptian pounds.