PANAPRESS
Panafrican News Agency
News of Mubarak's detention jerks up Egyptian stocks
Cairo, Egypt (PANA) - Egyptian stocks Wednesday finished in the green for the first time this week, as news of the detention of former President Hosni Mubarak and his two sons was received.
All three major indices finished higher after the General Prosecution in Egypt ordered the detention of Mubarak and his two sons, Alaa and Gamal, on charges of ordering the shooting of protesters during the 25 January revolution and for financial corruption.
The main EGX30 index, measuring the performance of heavyweight stocks, usually the favorite target of institutions and foreign investors, jumped by as much as 1.9% to close the session the penultimate of the trading week at 5,301 points.
EGX30 is now nearly 26% down for 2011, while small and medium caps rose even higher.
The EGX70 index of small and medium shares, usually the target of individual investors, mainly Egyptians and Arabs, gained 3.45%.
The Index broke the psychologically important 600 points barrier up and finished at 605.
EGX70, which has seen several of its stocks loose nearly 50% at the height of protests that succeeded in changing the regime in Egypt, has made up much of its losses in the previous sessions and is now 16% down for the year.
EGX70's outperformance of EGX30, is a translation of Egyptian and Arab confidence in the Egyptian market versus Westerners' suspicions.
With EGX30 and EGX70 rising, naturally the EGX100 index, the price weighted index, that combines EGX30 and EGX70, gained ground as well.
EGX100 now stands at 945 points, while EGX100 gained 2.84 % for the day.
It is almost 20% down for the year.
Very few shares fell on Wednesday, with only 15 loosing ground, while six finished unchanged, as an impressive 165 shares added to their prices.
Trading was relatively high Wednesday, with total transactions amounting to 629 million Egyptian Pounds (about US$ 105.7 million).
-0- PANA MI/BOS 13April2011
All three major indices finished higher after the General Prosecution in Egypt ordered the detention of Mubarak and his two sons, Alaa and Gamal, on charges of ordering the shooting of protesters during the 25 January revolution and for financial corruption.
The main EGX30 index, measuring the performance of heavyweight stocks, usually the favorite target of institutions and foreign investors, jumped by as much as 1.9% to close the session the penultimate of the trading week at 5,301 points.
EGX30 is now nearly 26% down for 2011, while small and medium caps rose even higher.
The EGX70 index of small and medium shares, usually the target of individual investors, mainly Egyptians and Arabs, gained 3.45%.
The Index broke the psychologically important 600 points barrier up and finished at 605.
EGX70, which has seen several of its stocks loose nearly 50% at the height of protests that succeeded in changing the regime in Egypt, has made up much of its losses in the previous sessions and is now 16% down for the year.
EGX70's outperformance of EGX30, is a translation of Egyptian and Arab confidence in the Egyptian market versus Westerners' suspicions.
With EGX30 and EGX70 rising, naturally the EGX100 index, the price weighted index, that combines EGX30 and EGX70, gained ground as well.
EGX100 now stands at 945 points, while EGX100 gained 2.84 % for the day.
It is almost 20% down for the year.
Very few shares fell on Wednesday, with only 15 loosing ground, while six finished unchanged, as an impressive 165 shares added to their prices.
Trading was relatively high Wednesday, with total transactions amounting to 629 million Egyptian Pounds (about US$ 105.7 million).
-0- PANA MI/BOS 13April2011
