EGX 30 Falls Below 5195Pts Battered By Freezing Assets Of 21 Businessmen
The Egyptian Exchange has incurred losses of EGP 83 million during the Monday’s midday session amid the prosecutor general’s travel ban and assets freeze decrees against 21 businessmen; 5 Saudis and 2 Emiratis alongside a number of officials in the Al Watany Bank of Egypt and EGX amid the accusations of involvement in stock manipulation case.
The capital market has amounted to EGP 360.787 billion, according to data compiled by Amwal Al Ghad English at 13:10 p.m. Cairo time (11:10 GMT) during Monday’s midday session.
The names of the 21 businessmen include the EFG-Hermes Chief Executives Hassan Heikal and Yasser El-Mallawany, the AWB Chairman Ayman Sulaiman, Owner of City Stars Complex in Cairo Abdul Rahman Al Sharbatly, Hisham El-Sewedy, besides some of the largest retail investors in the EGX.
The EGX indices were in red notes during the midday session.
Benchmark EGX30 fell by 0.35% to 5190.95 p; while EGX20 dipped by 0.67% to 6157.24 p.
Meanwhile, the mid- and small-cap index, the EGX70 edged down by 0.30 % to 457.11 p. Price index EGX100 dropped by 0.20% to 759.34 p.
This was after trading in 150 listed securities; 98 declined, 20 advanced; while 32 keeping their previous levels.
During Monday’s midday session, the trading volume has reached 63.202 million securities worth EGP 177.814 million, exchanged 10.078 transactions.
Egyptians and Arabs were net buyers seizing 61.99% and 6.06% respectively, of the total markets, with a net equity of EGP 3.412 million and EGP 2.014 million excluding the deals.
Meanwhile, the non-Arab foreign were net sellers seizing 31.95% of the total markets, with a net equity of EGP 5.426 million excluding the deals.
For the leading EGX-listed firms’ stocks, EFG-Hermes’ stock pushed down by 1.37% to EGP 10.80.
EFG-Hermes Holding (HRHO.CA) said the Egyptian prosecutor general’s decree on freezing assets of its chief executives Hassan Heikal and Yasser El-Mallawany is not related to the firm’s funds or assets and will not affect the progress of its operations, equities, assets or liabilities.
The Prosecutor General Talaat Abdullah ordered late Sunday the freezing of assets of 23 businessmen involved in stock market manipulation in the case of Al Watany Bank of Egypt (AWB).
