EGX 30 Tumbles 0.21%, Opens Below 5670 Pts

During Wednesday opening session, the Egyptian Exchange (EGX) has posted losses of EGP 36 million driven by local and non-Arab foreign sellers. The capital market has amounted to EGP 380.031 billion, according to data compiled by Amwal Al Ghad at 11:15 a.m. Cairo time (09:15 GMT).

Dozens of the hardcore Ahli fans, or “Ultras”, are gathering outside the Egyptian Exchange’s headquarters in Downtown seeking to disrupt Wednesday’s trading session as a form of expression.

The Ultras groups are gathering today as the Egyptian court’s hearing of Port Said football massacre is coming up on Saturday 26 February 2013.

Witnesses said dozens of the hardcore Ahli fans started to mass beside the EGX’s headquarters at around 09:00 a.m. Cairo time (07:00 GMT) noting that the number is still remarkably increasing chanting some slogans demanding severe retribution for the Port Said massacre perpetrators.

Consequently, the EGX indices opened in red.

The main index, EGX30 tumbled by 0.21% to 5668.57 p. EGX20 fell by 0.03% to 6476.3 p.

Meanwhile, the mid- and small-cap index, the EGX70 dipped by 0.02% to 464.02 p.  Price index EGX100 declined by 0.17% to 794.87 p.

This was after trading in 115 listed securities; 33 declined, 47 advanced; while 35 keeping their previous levels.

During the opening session, the trading volume has reached 18.260 million securities worth EGP 51.661 million, exchanged 3.335 thousand transactions.

The EGX’s opening losses were driven Egyptians and non-Arab foreigners’ selling pressures as they were net sellers seizing 88.33% and 7.92% respectively, of the total markets, with a net equity of EGP 3.340 million and EGP 1.079 million excluding the deals.

Meanwhile, Arabs were net buyers seizing 3.75% of the total markets, with a net equity of EGP 4.420 million excluding the deals.

EGX sources told ‘Amwal Al Ghad’ that the Ultras’ gathering would not disrupt Wednesday’s trading session noting that the bourse will normally start its operations at 10:30 a.m.

The sources also added that its management was expecting such action as major events such as the second anniversary of the January Revolution and the court’s hearing of Port Said football massacre are coming up very soon. Accordingly, the management has adopted all the necessary procedures to prepare for any potential violence that could disrupt the headquarters’ activities.