EGX rose broadly in Sunday's trades

Monday 04 February 2019 09:14 AM

EGX Building
EGX Building

By Ragab Ezz El-Deen & Mona Abd El-Bary

The Egyptian Stock Exchange rose broadly in Sunday's trades amid heavy purchases led by Egyptians.

EGX30 rose by 0.83 percent to 14243pts, EGX70 by 0.46 percent to 686pts, the broader EGX100 by 0.56pts to 1732pts, EGX50 by 0.9 percent to 2306pts, and EGX30 Capped by 0.78 percent to 18152pts.

Stock trades reached EGP1.1bn, as Egyptians and Arabs bought stocks worth EGP37.1mln and EGP29.8mln respectively, whereas Egyptian, Arab, foreign corporations and foreign investors sold stocks worth EGP2.4mln, EGP40.9mln, EGP19.5mln and EGP4mln respectively.

Out of 171 stocks, 93 rose, 44 fell and 34 remained unchanged.

" The market shall be impacted by catalysts such as the prospective announcement of a new  offer to be made by the Netherlands-based Fyon for the acquisition of further stakes in Global Telecom on top of an existing stake of 57.7 percent," said head of brokerage at Pioneers Securities Amer Abd El Kadr.

Included among the other catalysts is the upcoming meeting of the Central Bank of Egypt's  Monetary Policy Committee in the middle of this months to discuss interest rates, which may cause housing stocks to rebound in case they go up.