Amwal Al Ghad English - 2015-10-20 16:27:55
Egypt's stock market ended trading higher Tuesday with gains toatlling 1.45 billion Egyptian pounds (US$180.5 million) on local and non-Arab foreign investors’ buying appetite.
Egypt's benchmark stock index, EGX30 rose 0.5 percent to close at 7658.95 points as Emaar Misr climbed 5.2 percent.
Late last week and early this week the central bank allowed the Egyptian pound to edge down against the U.S. dollar in the official market, apparently launching another period of managed depreciation.
On Tuesday the central bank held the pound steady in the official market but the currency continued sliding in the parallel market, showing investors expect a substantial drop incoming months.
Property firms are seen as possible beneficiaries because Egyptians may buy real estate to hedge against a weak currency while foreign investors may be attracted to the sector by lower prices in foreign currency terms, according to Reuters.
Meanwhile the country’s market capitalization has reached 459.139 billion pounds during the closing session of Tuesday.
EGX50 EWI index also hiked 0.79 percent to 1292.47 points
EGX20 grew 0.96 percent to 7440.55 points.
In addition, the mid- and small-cap index EGX70 went up 0.27 percent to 402.35 points. The price index, EGX100 increased 0.32 percent to 863.13 points. More»