Egypt bourse has gained EGP 1.7 billion during the closing session of Sunday backed by the government’s announcements to to end more pending disputes with investors and businessmen, seeking to restore the investment flow.
The EGX indices ended sessions with green notes, except for the mid- and small-cap index EGX 70.
Egypt’s benchmark index EGX30 edged up by 0.78% to close at 5446.68 p; while the EGX20, it rose by 0.24% to end at 6218.38 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched down by 0.11% to conclude at 455.51 p. Price index EGX100 advanced by 0.35% to finish 766.37 p.
The capital market has reached to EGP 365.980 billion during the closing session of Sunday.
During Sunday’s closing, the trading volume hit 62.345 million securities, higher than Thursday’s session of 53.338 million securities, representing an increase of 9.007 thousand securities. For the traded value, it reached EGP 228.090 million, exchanged through 14.138 thousand transactions.
During the closing session of Sunday, 164 listed securities have been traded in; 75 declined, 59 advanced; while 30 keeping their previous levels.
Egyptians and the non-Arab foreigners’ buying transactions have backed EGX’s gains seizing 85.92% and 9.16% respectively, of the total markets, with a net equity of EGP 5.298 million and EGP 6.551 million excluding the deals.
Meanwhile, Arabs were net sellers seizing 4.93% of the total markets, with a net equity of EGP 11.850 million, excluding the deals.
Govt Reconciling Efforts:
Egypt’s investment ministry announced on Friday that the long-standing dispute between Orascom Construction Industries S.A.E. and Tax Authority is finally and officially over. This comes after agreeing that OCI will pay EGP 7.2 billion to settle its tax disputes instead of EGP 14 billion. As a result, OCI chief shows his desire to meet with the Egyptian investment minister, seeking to expand the company’s businesses.
Housing Minister Tarek Wafiq said on Sunday Egypt government will be resolving its long-running disputes with the largest private developer of luxury real estate in the Middle East Damac Properties within days.
Damac’s settlement file is now being reviewed by the Egyptian cabinet, he added.
Wafiq further unveiled that his ministry has signed an agreement with UAE-based Damac so as to end the disputes with one of the most prominent real estate developers.
He explained that it comes after both parties had agreed on all the terms of the settlement agreement, refuting the presence of having political confrontations that would hinder the settlement process.
