Cairo stocks end week 1.13% lower

Egypt’s stocks were lower Thursday weighed by non-Arab foreign selling pressures. Main index, EGX30 tumbled 1.13 percent, to 8131.49 points, as blue chip Orascom Telecom Media and Technology Holding (OTMT.CA) reported a quarterly and half year loss.

Orascom Telecom, the most heavily traded stock, dropped 1.7 percent. It reported a net loss of 3.635 million Egyptian pounds ($409,000) for the first half of the year, though revenues rose to 213.285 million pounds from 129.316 million pounds a year ago.

Other indices; EGX50 EWI index also dropped 1.31 percent, to 1382.84 points; EGX20 inched down by 1.41 percent, to 8226.97 points.

Mid- and small-cap index EGX70 decreased 0.12 percent, to 362.93 points. Price index, EGX100 rose 0.06 percent, to 811 points.

Market Cap

Market capitalisation incurred losses worth 3.47 billion Egyptian pounds ($390.8 million), to record 412.256 billion pounds during the closing session of Thursday.

Turnovers lower

The bourse’s trading volume reached 128.296 million securities, with turnovers, closing at 460.484 million pounds, exchanged through 15,475 transactions.

Also during the closing session, 167 listed securities have been traded in, 95 declined, 37 advanced; while 34 kept their previous levels.

Investors’ Activities

Non-Arab foreign investors were net sellers capturing 20.93 percent of the total market, with a net equity of 58.122 million pounds, excluding the deals.

On the contrary, local and Arab investors were net buyers controlling 75.74 and 3.33 percent respectively of the total markets, with a net equity of 56.538 million pounds and 1.584 million pounds, respectively, excluding the deals.