The Egyptian Stock Exchange recorded strong gains at the close of trading on Thursday. This increase is due to the strong demand witnessed by Arab institutions and investment funds. This rise comes in light of optimism about resolving the foreign exchange crisis, in light of the efforts made by the government and the Central Bank, especially in accelerating the government proposals programme.
At the end of Thursday's trading session, the Egyptian Stock Exchange recorded significant profits, with the performance of Arab institutions and investment funds improving through strong purchases.
This improvement is due to growing optimism about resolving the foreign exchange crisis, as the government and the central bank are working to accelerate the government offering program.
The market capitalization of shares of companies listed on the stock exchange increased by 16%, indicating a stabilization of the situation and improved performance in the future.
Shares of companies listed on the stock exchange achieved a profit of 16 billion pounds in market capitalization, as their value reached 1 trillion and 648 billion pounds after conducting transactions with a total value of 28.4 billion pounds.
Among these deals, the Emirati company Global Investment acquired 30% of the shares of Eastern Tobacco at a value of 16.4 billion pounds, in addition to major dealer bond market trades at a value of 8.5 billion pounds.
The stock market witnessed an increase in its indices, as the main stock index, EGX30, jumped by 1.01% to reach 24,383.27 points. The index of small and medium-sized stocks, EGX 70, increased by 0.97% to reach 4,865.72 points. The broader EGX 100 index added 7,159.64 points.
The banking sector index on the Egyptian Stock Exchange ended the daily trading session on Thursday with an increase of 1.40%, closing at 2,223 points.
The value of banking sector trades at the end of the daily trading session amounted to about 318.5 million pounds, and thus the sector represents 9.37% of the total trading values on the stock exchange.
Today, about 6.9 million shares were traded in the sector, representing 0.62% of the total amount of shares traded on the stock exchange.
Housing and Development Bank shares rose by 3.17% to close at 40 pounds, which made it top the list of stocks listed in the banking sector today. The value of trading in this stock amounted to about 64.9 million pounds, through the trading of 1.6 million shares.
Abu Dhabi Islamic Bank shares topped the list of rising stocks by 2.08%, reaching 35.4 pounds, with trades worth 17.14 million pounds and 485.6 thousand shares.
Faisal Islamic Bank's stock in pounds comes in third place, with a rate of 1.54%, and closes at 29 pounds, with trades worth 6.9 million pounds and 235.8 thousand shares. In fourth place comes the stock of Credit Agricole Bank, with an increase of 1.38%, reaching 20.5 pounds, with trading reaching 16.6 million pounds and 810.5 thousand shares.
Commercial International Bank shares followed by 1.12%, closing at 72 pounds, with trades amounting to 193 million pounds and 2.6 million shares. Qatar National Bank Al Ahli shares ranked fifth with a percentage of 0.79%, and closed at 28.2 pounds, with trades amounting to 722.8 thousand pounds and 25.6 thousand shares.
In seventh place comes the stock of Al Baraka Bank Egypt, with a percentage of 0.55%, and closed at the level of 11 pounds, with trades worth 2.3 million pounds and 216 thousand shares. Faisal Islamic Bank's share in dollars comes in eighth place with a rate of 0.20%, and closes at $0.99 with trades worth $2.5 million and 82.4 thousand shares.
