Global stock gains push EGX up 2.5%

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Gains in global equity markets on Tuesday drove the Egyptian Stock Exchange (EGX) higher, to close 2.4% higher. The Dow Jones Industrial Average rose 2.66%, while the FTSE 100 rose 2.2%,

In Egypt, the benchmark EGX30 reached 9,899 points and the EGX50 EWI rose 1.46% to 1,907.6 points.

EGX70 EWI rose 1.64% to 2,229.13 points, and Capped EGX30 rose 2.28% to 12,253.9 points, and the larger EGX100 EWI rose 1.66% to 3,167 .66 points.

Mohamed Hassan, managing director of Blom Asset Management, expected the occasional movement of the market to continue, especially in light of the anticipation of the evolution of the price of energy, in addition to the continuous variation of the price of the local exchange against the dollar, pointing out that the delay in the local currency IPO would cause more foreigners to leave the local stock market.

Hassan added that the new amendments to investment funds are good, but lack clarity in the tax vision and how to implement them, especially since the ruling was issued last year.

He added that the performance of the EGX70 is better than that of the EGX30 at present, especially given the fear of new releases from outsiders, expecting the EGX30 to evolve between 9 700 and 10,700 points in the period to come, when it is likely that the seventy will move. between 2,300 and 2,600 points.

The market registered trading values ​​of EGP 1 billion thanks to the circulation of 503.5 million shares, with the implementation of 41,6800 buy and sell operations, after the trading was carried out on the shares of 194 listed companies, of which 102 shares rose, and the prices of 21 stocks fell, the prices of 71 stocks did not change, and the market capital closed for listed stocks at 690.7 million EGP.



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