EGX Indices On Full Alert Amid Proposed Tax, Benchmark Opens 0.09% Higher
The Egyptian Exchange has opened Wednesday’s session posting humble cautious gains of EGP 148 million backed by local early buying transactions. The capital market has amounted to EGP 376.978 billion, according to data compiled by Amwal Al Ghad at 11:05 a.m. Cairo time (09:05 GMT) during Wednesday’s opening. The Egyptian market is witnessing highly volatility amid the announcement of starting to impose stamp taxes on the bourse’s daily selling and buying transactions at 0.001 after the getting the approval of the country’s Upper House.
The EGX indices opened in mixed.
Benchmark EGX30 rose by 0.09% to 5551.5 p; while EGX20 increased by 0.09% to 6451.52 p.
Meanwhile, the mid- and small-cap index, the EGX70 fell by 0.06% to 473.2 p. Price index EGX100 edged down by 0.09% to 798.64 p.
This was after trading in 66 listed securities; 10 declined, 18 advanced; while 38 keeping their previous levels.
During Wednesday’s opening session, the trading volume has reached 2.892 million securities worth EGP 10.638 million, exchanged 642 transactions.
EGX opening gains were backed by local buying transactions as they were net buyers seizing 69.39% of the total markets, with a net equity of EGP 2.035 million excluding the deals.
Meanwhile, Arabs and the non-Arab foreigners were net sellers seizing 1.32% and 29.29% respectively, of the total markets, with a net equity of EGP 121.997 thousand and EGP 1.913 million excluding the deals.
For the leading EGX-listed firms’ stocks, Orascom Telecom Media And Technology Holding SAE (OTMT.CA) remained with no change at EGP 0.63. Egyptian Financial Group-Hermes Holding (HRHO.CA)’s stock inched up by 0.82% to EGP 11.11.
Orascom Telecom Holding SAE (ORTE.CA)’s stock, which said it will be announcing its unaudited consolidated and standalone financial results by March 6th, also rose by 0.47% to EGP 4.26.
Orascom Construction Industries – OCI (OCIC.CA)’s stock went up by 0.11% to EGP 262.00.
