EGX 30 Ends Below 5700 Pts Driven By Port Said’s Civil Disobedience
The Egyptian Exchange (EGX) has ended Sunday’s session posting slight losses of EGP 134 million driven by the current situation in Port Said. The capital market has reached to EGP 386.307 billion during Sunday’s closing.
The EGX indices ended in green except for the benchmark EGX30 which solely declined.
Egypt’s benchmark index EGX 30 ended Sunday on a red note as it tumbled by 0.35% to end at 5695.62 p; while EGX20 rose by 0.07% to close 6670.05 p.
Meanwhile, the mid- and small-cap index, the EGX70 inched up by 0.66% to conclude at 492.6 pts. Price index EGX100 increased by 0.34% to finish at 826.56 p.
During Sunday’s closing, the trading volume hit 76.371 million securities worth EGP 313.505 million, exchanged 20.113 thousand transactions.
This was after trading in 168 listed securities; 46 declined, 82 advanced; while 40 keeping their previous levels.
Foreign selling pressures drove EGX’s closing losses as Arabs and the non-Arab foreigners were net sellers seizing 2.18% and 3.9% respectively, of the total markets, with a net equity of EGP 12.863 million and EGP 26.522 million excluding the deals.
Meanwhile, Egyptians were net buyers seizing 93.92% of the total markets, with a net equity of EGP 39.386 million excluding the deals.
Port Said’s Civil Disobedience:
Gen. Ahmed Naguib Sharaf, Head of Port Said Ports Authority (PSPA), has stated that a number of youth belong to Ultras EL Masry, football fans’ group, broke into Port Said Port and all the governmental authorities in the province to oblige them start the civil disobedience.
He has clarified that the civil disobedience deadly paralyzed the province as the ports were closed; avoiding any attack or violence, while the processes of loading and unloading are still working to facilitate the movements of ships.
The Ultras’ youth threatened to continue the civil disobedience for 7 days till getting the rights of the martyrs and the dignity of Port Said’s people, Gen. Sharaf said; referring that this state will cause great losses, whereas the governmental authorities are suspended; consequently the investors may halt their ventures in the province.
He underscored the necessity of making decisive decisions by the officials to reinstate life in Port Said; which is gradually deteriorating; adding that the police and army forces haven’t been intensively deployed on the arena, and the port is only secured by the port’s security forces.
