EGX 30 Opens Below 5340 Pts On Local Early Selling Pressures

The Egyptian Exchange (EGX) has posted early losses of EGP 84 million during Monday’s opening session. The capital market has amounted to EGP 368.331 billion, according to data compiled by Amwal Al Ghad at 11:12 a.m. Cairo time (09:12 GMT).

The EGX indices opened in red.

The main index, EGX30 inched down by 0.46% to 5337.47 p. EGX20 fell by 0.49% to 6163.83 p.

Meanwhile, the mid- and small-cap index, the EGX70 edged down by 0.45% to 472.55 p.  Price index EGX100 went down by 0.41% to 789.57 p.

This was after trading in 95 listed securities; 62 declined, 11 advanced; while 22 keeping their previous levels.

The local selling pressures have driven EGX’s early losses as they were net sellers seizing 86.83% of the total markets, with a net equity of EGP 4.924 million excluding the deals.

Meanwhile, Arabs’ and the non-Arab foreigners were net buyers seizing 5.43% and 7.74% respectively, of the total markets, with a net equity of EGP 1.649 million and EGP 3.275 million excluding the deals.

Egypt’s Islamist-backed constitution headed toward likely approval in a final round of voting on Saturday, but the deep divisions it has opened up threaten to fuel continued turmoil.

Passage is a victory for Islamist President Mohammed Morsi, but a costly one. The bruising battle over the past month stripped away hope that the long-awaited constitution would bring a national consensus on the path Egypt will take after shedding its autocratic ruler Hosni Mubarak nearly two years ago.