EGX 30 Opens Below 5700 Pts On Foreign Selling Pressures

During Monday opening session, the Egyptian Exchange (EGX) has posted losses of EGP 98 million as the capital market has amounted to EGP 394.362 million, according to data compiled by Amwal Al Ghad at 11:02 a.m. Cairo time (09:02 GMT).

EGX indices hit mixed.

The main index, EGX30 fell by 0.50% to hit 5697.37  p.  EGX20 inched lower by 0.28% to reach 6617.82 p.

Meanwhile, the mid- and small-cap index, the EGX70 rose by 0.07% to hit  527.79 pts.  Price index EGX100 dropped by 0.22% to reach 881.43 p.

Traded volume reached  12.833 million securities worth EGP 56.382  million, exchanged through 2.429 thousand transactions.

This was after trading in 91 listed securities; 39 declined 30 advanced while 22 keeping their previous levels.

EGX’s midday losses were backed by Arabs and non-Arab Foreigners’ selling pressures.

Arabs and non-Arab Foreigners were net sellers seizing 15.19% and 16.62% respectively, of the total markets, with a net equity of EGP 5.804 million and EGP 7.004 million excluding the deals.

On the other hand, Egyptians were net buyers seizing 68.19% of the total markets, with a net equity of EGP 12.808 million excluding the deals.

Leading Shares:

EGX’s leading shares witnessed unsteady performance during opening trading.

Orascom Construction Industries:

Orascom Construction Industries (OCIC.CA) dipped by 0.95% to reach EGP 285.50.

OCI announced Monday that it will not pay additional tax dues after selling one of its listed companies in the last period.

OCI sold in 2007 its entire stake in Orascom Building Materials Holding to French Lafarge at $ 12.9 billion.

It added, in a release sent to EGX that, reports published in some newspapers and websites about imposing taxes or fines on listed companies has no relation to such taxes or dues.

Orascom Telecom Holding:

Orascom Telecom Holding (OTH) (ORTE.CA) went down by 0.56% to reach EGP 3.56.

EFG-Hermes:

EFG-Hermes Holding (HRHO.CA) inched higher by 0.18% to hit EGP 11.14.

Orascom Telecom Media & Technology Holding:

Orascom Telecom Media & Technology Holding (OTMT.CA) maintained with no change at EGP 0.53.