ICEC

Cairo bourse’s property sector falls 27%, makes up 13% of turnover in Q3

The Egyptian Exchange’s (EGX) real estate sector suffered a sharp decline of 26.6 percent during the third quarter of 2018 but made up 13 percent of the bourse’s turnover during the period.

Turnover on the real estate sector was 9.5 billion pounds, generated through the exchange of 2.5 billion shares.

The EGX as a whole logged 75.1 billion pounds in turnover in third quarter of 2018 after 12 billion shares changed hands.

Three of the sector’s stocks were among the top 10 most actively-traded during the three-month period, as Amer Group came in fourth with 812.8 million shares traded, while Porto Group ranked fifth with 788.4 million shares and Palm Hills came in at ninth with 423.4 million shares and a turnover of 1.43 billion pounds.

As for companies’ overall performance within the sector, Porto Group was the biggest loser, sliding 47 percent in third quarter of the year, while Amer Group retreated 40.6 percent , Talaat Mostafa Group (TMG) decreased 3.5 percent .

EGX-listed real estate companies logged 14 billion pounds in revenues in the second half of 2018, whereas their profits had reached 4 billion pounds up from 3.2 billion pounds in the first half of 2017, data compiled by Mubasher showed previously.

Real estate analysts forecast a slowdown in the Egyptian property sector in the coming period, citing a decline in buyers and increased production and development costs.

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