Foreign investors go up in the green zone

Rana Mamdouh

Egyptian stock indexes closed higher on Sunday, supported by the power of buying foreign institutions.

The TASI closed up 0.67% to 13616 points, supported by Commercial International Bank (CIB), which gained 1.30%, closing at 73.98 pounds.

The EGX70 and the EGX100 indexes increased by 0.06% and 0.37% respectively.

The volume of transactions is £ 445,167 million for 155 companies through 14836 transactions.

The market prices of 61 companies fell against 57, while prices remained unchanged.

Foreign investors were net buyers, accounting for EGP 43.873 million, with net purchases of EGP 48.697 million, compared with EGP 4,823 million net sales.

The sales trend dominated the transactions of Egyptian investors and recorded a net worth of 28.679 million pounds, of which 27.714 million pounds for individuals and 964.201 for institutions.

Arab investors achieved net sales of LE 15.194 million, of which LE 8.813 million was for individuals and LE 6.380 million for institutions.

Egyptians dominated 78.58% of the day's total trade, compared to 15.95% for foreigners and 5.47% for Arabs, after excluding transactions.

Institutions represented 37.64% of today's session and the rest, individuals, with 62.35%.

International tourism projects in Egypt topped the list with the largest increase of 8.37%, followed by 7.79% by the Ismailia National Food Industries Corporation (FIDICO) and the National Real Estate Development Bank of Japan. 80%.
The Egyptian company for the development of the building industry is the biggest loser with 71.79%, followed by Alexandria Cement (9.57%) and Saba International Pharmaceuticals (9.18%).

Hisham Hbadan, director of investment management at Royal Securities Brokerage, said the IPC had led the stock market to continue its climb early in the week and to establish at 13,500 points.

Hbadan believes that the success of the exchange in maintaining the gains of the day was the result of the emergence of the power of buying foreign institutions.

He pointed out that the further rise is dependent on the events expected in August, the main one is the end of the public offering of the company, and has closed the market operations relating to the supply of products. acquisition of Vion on Global Telecom.

He added: It is also planned to see in August the decision of the Egyptian Central Bank on interest rates.

He noted that if these events coincided with expectations, it would be the kiss of life that would push the stock market to take a bullish course.

Abdulhamid Imam, a financial badyst at Tycoon Securities, said the market was able to make gains earlier this week despite the global market downturn, supported by the banking and real estate sectors.

He explained that liquidity still needs incentives to increase the movement of transactions and the tax file on the stock market at the beginning of these incentives.

He expected the market to continue to trend sideways until the end of the week, until the announcement of the results of the public offering and the acquisition of Global Telecom by Fion.