During Tuesday’s opening session, the Egyptian Exchange (EGX) has posted gains of EGP 340 million. The capital market has amounted to EGP 388.511 billion, according to data compiled by Amwal Al Ghad at 11:13 a.m. Cairo time (09:13 GMT).
The EGX indices opened mixed.
The main index, EGX30 inched up by 0.55% to 5765.62 p. EGX20 rose by 0.12% to 6651.5 p.
Meanwhile, the mid- and small-cap index, the EGX70 tumbled by 0.45% to 496.08 p. Price index EGX100 fell by 0.11% to 833.74 p.
It is worth noting that the EGX halted its trading session on Monday for one day on the occasion of the Copts’ Christmas.
This was after trading in 95 listed securities; 38 declined, 25 advanced; while 32 keeping their previous levels.
During the opening session, the trading volume has reached 16.463 million securities worth EGP 69.584 million, exchanged 2.626 thousand transactions.
EGX’s opening gains were backed by Arabs and non-Arab foreigners’ buying transactions as they were net buyers seizing 15.36% and 23.77% respectively, of the total markets, with a net equity of EGP 4.448 million and EGP 9.823 million, excluding the deals.
Meanwhile, Egyptians were net sellers seizing 60.88% of the total markets, with a net equity of EGP 14.271 million excluding the deals.
IMF Delegation Visit Over $4.8 Bln Loan:
Egyptian Prime Minister Hisham Kandil has received Monday morning the International Monetary Fund (IMF)’s delegation headed by Masood Ahmed, IMF’s Middle East and Central Asia director.
The core economic group of Egypt’s Cabinet has also attended the meeting over IMF’s $4.8 billion loan to the country.
The International Monetary Fund held “productive” discussions with Egypt about its economic strategy, a senior Fund official said on Monday after a visit to the country.
Masood Ahmed, Director Of The Middle East And Central Asia Department Of The International Monetary Fund (IMF), Visited Cairo On January 7, 2012. During His Visit, Mr. Ahmed Met With President Mohamed Morsi, Prime Minister Hisham Kandil, Central Bank Of Egypt Governor Farouk El Okdah, Finance Minister Al-Mursi Hegazy, Minister Of Planning And International Cooperation Ashraf Al-Araby, And Other Officials.
At The Conclusion Of His Visit, Mr. Ahmed Made The Following Statement:
“I Have Held Productive Discussions Today With President Morsi, Prime Minister Kandil, And Egypt’s Economic Team On The Economic And Financial Challenges Now Facing The Egyptian Economy. They Expressed Their Firm Commitment To Articulate And Implement A Homegrown Macroeconomic Program That Enjoys Broad Support And Addresses These Challenges. The Authorities Also Reiterated Their Request For Financial Support From The IMF For Such A Program.
“The IMF Remains Committed To Support Egypt In Addressing Its Increasing Economic Challenges And Moving To A More Inclusive Model Of Economic Growth Through A Socially-Balanced Homegrown Program. I Am Encouraged By The Authorities’ Commitment To Take Steps Necessary To Achieve Fiscal And External Sustainability. Following Our Discussions Today, And Based On The Work That Is To Be Carried Out, We Agreed That An IMF Technical Team Would Visit Cairo In The Coming Weeks To Resume Discussions On Possible IMF Financial Support.”
