The stock market gains £ 5 billion in 5 minutes (details)

Indicators on the Egyptian Stock Exchange registered strong increases in the first minutes of the trading session, on Sunday, at the beginning of the week’s trading, amid intense demand to buy from local institutions, investment funds and Egyptian individuals on stocks supported by the optimistic state after the Prime Minister’s statements on the gradual opening of the economy after Eid Al-Fitr coincided with the recovery of many of the world’s main neighboring stock exchanges .

The market capital of the shares of companies listed on the Egyptian Stock Exchange gained around £ 5 billion in the first 5 minutes from the start of today’s trading session to reach £ 560.5 billion , and the administration of the Stock Market suspended the trading of 25 shares for 10 minutes to record the maximum percentages allowed during a single session of 5%.

The main stock index, EGX 30, increased by 1.35%, registering 10256.66 points, while the gains were stronger at the level of the index of small and medium stocks, “EGX 70”, which rose 2.5 % to 1174.71 points, and the strong gains of the “EGX 100” index were extended. The widest that won in the first minutes of trading today, 1.1% to reach 1107.16 points.

Ahmed Abdel Hamid, Managing Director of Document Securities Brokerage Company, said Prime Minister Dr. Mustafa Madbouly’s remarks late last week on reducing the embargo dates and the gradual opening of the economy after the month of Ramadan, In addition to the recovery in oil prices and the increases registered by world financial markets, whether large or neighboring, they have strengthened since the emergence of the Egyptian Stock Exchange.

He added that the market is experiencing strong purchases from major and leading mutual funds and institutions, accompanied by strong activity from individual investors in small and medium stocks, of which a large number of them recorded the maximum allowed ratios during a single session once the trading session started due to strong investor buy orders.

The Egyptian Stock Exchange recovered more than £ 80bn from their losses late last week, as Egyptian banks announced plans to support them, under the guidance of President Abdel Fattah al-Sisi, who ordered the central bank to allocate £ 20 billion to support the stock market, along with Al-Ahly and Egypt’s announcement to pump £ 3 billion. To buy shares of the Egyptian Stock Exchange.