EGX Starts in Red amid Selling Pressures

EGX incurred losses of L.E 2 billion during Monday’s early trading, as the capital market reached L.E 360.300 billion.

The main index, EGX 30 slumped 1.01% to reach 4912.19 p. EGX20 dropped 1.23% to reach 5675.38 p.

Meanwhile, the mid- and small-cap index, the EGX70 fell 0.96% to reach 456.41 p. Price index EGX100 fell 0.67% to close at 788.78 p.

The market has recorded values of L.E 7.297 million; while the volume traded reached 2.306 million securities executed over 9496 thousand transactions.

This was after trading in 58 listed securities; 50 down and 2 up while 6 keeping their previous levels.

The main reason for the EGX’s dip was that the Egyptian and Arab investors were net sellers seizing 73.96% and 4.93% respectively of the total market, with a net equity of L.E 1.2 million and L.E 647.9 thousand, after excluding deals. Foreigners were net buyers seizing 21.11% of the total market, with a net equity of L.E 1.876 million, after excluding deals.

The leading shares have recorded collective decline except for the shares owned by EFG-Hermes Holding (HRHO) which witnessed a boom of 1.56% to reach L.E 12.99. For the top losers, the shares owned by the Commercial International Bank- Egypt (COMI) recorded a decrease of 2.81% to reach L.E 24.17. Shares of Orascom Telecom Holding (OTH) (ORTE) downed 0.97% to reach L.E 4.09. Orascom Telecom Media & Technology Holding (OTMT)’s shares recorded a dip of 1.43% to reach L.E 1.38. Shares owned by Orascom Construction Industries (OCIC) fell 0.15% to reach L.E 253.18