CAIRO: Egyptian stock indexes rose on Monday, energized by heavy buying across the board by retail investors riding a wave of renewed confidence in the market as global stocks surged, brokers said.
The benchmark CASE 30 index gained 2.44 percent to close at 5,363.59 points, while the rival Hermes index gained 2.62 percent to 486.02 points. The broader CIBC 100 index gained 2.25 percent to 299.77 points.
Markets are rallying around the world, said Hashem Ghoneim of El Nour Securities. There s some confidence in the market now… All the small caps have risen sharply.
World stock markets surged on Monday in reaction to China s plan to spend nearly $600 billion on stimulating its economy as G20 finance ministers pledged to do what is needed to revive financial markets.
Retail investors accounted for close to 80 percent of trading and were net buyers by LE 80.2 million ($14.5 million), according to stock exchange figures.
They bought heavily into small- and medium-cap companies.
National Cement, Upper Egypt for Contracting and Urban Development, Rakta Paper Industries and Rowad Tourism all saw their shares gain the maximum of 20 percent.
But market heavyweights also performed well. Orascom Construction Industries rose 3.49 percent to LE 196.05 per share, while Telecom Egypt last traded 4.11 percent up at LE 16.23 per share.
Talaat Moustafa, the day s most heavily traded share by turnover, last traded 5.84 percent higher at LE 4.17 per share. -Reuters
