EFG Hermes has played the lead role in consolidating stock market gains during Tuesday’s session, with the group’s shares leading a 5.24% rise.
The appreciation of shares was supported by news that EFG Hermes and The Sovereign Fund of Egypt (TSFE) have acquired a share of not less than 76% in the Arab Investment Bank (AIB). The acquisition has contributed to supporting local institution purchasing power.
The Egyptian Exchange’s (EGX) market capitalisation was up by EGP 10.6bn, to close at EGP 592.870bn.
The benchmark EGX30 rose 2.55% to record 11,039 points. The EGX70 EWI and EGX100 EWI also rose to 1,398 and 2,188, respectively.
Haitham Abdel Samee, Head of Technical Analysis at Okaz Securities, expected the EGX30 to continue rising during Thursday’s session, towards the 11,200 points level.
He noted that the rise is supported by the ongoing positive announcements by companies. The latest of these comes from pharmaceutical company, Rameda, which is producing a treatment for the novel coronavirus (COVID-19) and EFG Hermes which has recently acquired a stake in the AIB.
On the same positive note, economic recovery is also hotly anticipated on the back of the government’s announcement it will start to normalise the situation in Egypt.
The total trading value on the EGX reached EGP 1.4bn, executed through 49,581 transactions on 476.5m shares.
The market price of shares for 119 companies increased compared to 36 companies which decreased, while the prices of 30 did not change.
