Egypt Stocks Lose EGP2 bln on Foreign Selling Pressures

Egypt’s stock market went lower during the midday session of Thursday incurring losses of EGP 2.2 billion citing foreign selling pressures. Consequently, the benchmark edged 0.8% lower during the midday session.

The Egyptian Exchange’s indices were wavering on red notes on Thursday noon.

Benchmark EGX30 edged down by 0.79% to 5282.98 p; while EGX20 fell by 0.78% to 6143.09 p.

On the other hand, the mid- and small-cap index, the EGX70 sagged by 1.18% to 430.13 p.  Price index EGX100 inched down by 0.86% to 735.83 p.

The capital market has reached EGP 354.396 billion during the midday session of Thursday, according to data compiled by Amwal Al Ghad English at 12:18 p.m. Cairo time (10:18 GMT).

Trading Volumes & Values

The trading volume has recorded 58.225 million securities worth EGP 151.387 million, exchanged through 9.088 thousand transactions during Thursday midday.

Also during the midday session, 135 listed securities have been traded in; 84 declined, 26 advanced; while 25 steadied.

Selling Pressures:

The non-Arab foreign and Arab investors’ selling pressures have driven EGX’s midday losses as they were net sellers seizing 11.21% and 5.33% respectively, of the total markets, with a net equity of EGP 5.647 million and EGP 1.427 thousand, excluding the deals.

Meanwhile,  Local investors were net buyers during the midday seizing 83.46% of the total markets, with a net equity of EGP 7.075 million excluding the deals.