Global stock market gains push Egyptian Exchange up 2.5%

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Gains achieved at global stock markets on Tuesday, prompted a rise in the Egyptian Exchange (EGX), to close at an increase of 2.4%. The Dow Jones Industrial Average rose by 2.66%, while the FTSE 100 recorded an increase of 2.2%,

In Egypt, the benchmark EGX30 reached 9,899 points, and EGX50 EWI rose by 1.46% to 1,907.6 points.

EGX70 EWI rose by 1.64% to 2,229.13 points, and EGX30 capped increased by 2.28% to 12,253.9 points, and the broader EGX100 EWI increased by 1.66% to 3,167.66 points.

Mohamed Hassan, Managing Director of Blom Asset Management, expected the continuation of the occasional movement of the market, especially in light of the anticipation of the energy price change, in addition to the continuous change in the price of the local exchange against the dollar, pointing out that the delay in the flotation of the local currency would push more foreigners to exit the local stock market.

Hassan added that the new amendments to investment funds are good, but they lack clarity in the tax vision and how to implement them, especially since the decision was issued last year.

He added that the performance of EGX70 is better than EGX30 at the present time, especially in light of the fear of more foreigner exits, expecting EGX30 to move between 9,700 and 10,700 points during the coming period, while it is likely that the seventy will move between 2,300 and 2,600 points.

The market recorded trading values of EGP 1bn through the circulation of 503.5 million shares, with the implementation of 41,6800 buying and selling operations, after trading was done on the shares of 194 listed companies, of which 102 shares rose, and the prices of 21 securities decreased, the prices of 71 shares did not change, and the market capital closed for listed shares at EGP 690.7m.