Egypt Shares End Lower on Wednesday Battered by Protest Law
Egyptian stocks ended lower on Wednesday encountering losses totaled EGP 2.5 billion as clashes renewed in the country since issuing a controversial protest law which curbs the rights of citizens to assemble and protest peacefully. The benchmark index closed below 6210 points.
Egypt’s interim president signed into law on Sunday a bill that rights groups have said sharply curbs the rights of citizens to assemble and protest peacefully.
Egypt’s Interior Ministry justified Tuesday evening the dispersal by security forces of a protest organised outside the Shura Council in downtown Cairo against a constitutional article allowing military courts to try civilians.
Security forces also arrested several human rights activists, including Mona Seif and Salma Saed.
The Egyptian Exchange indices remained on the red notes Wednesday afternoon.
Egypt’s benchmark index EGX30 ended 0.64 per cent lower to 6205.36 pts, and the EGX20 also finished 0.67 per cent down to 7251.28 pts.
Meanwhile, the mid- and small-cap index, the EGX70 fell by 0.56 per cent to conclude at 520.49 pts. The price index EGX100 dropped by 0.77 per cent to close at 868.31 pts.
The capital market has closed at EGP 403.013 billion on Wednesday.
Turnovers
Through the closing session of Wednesday, the trading volume has reached 161.813 million securities. For the traded value, it hit EGP 431.862 million, exchanged through 21.403 thousand transactions.
Also during the closing session, 183 listed securities have been traded in; 133 declined, 31 advanced; while 19 keeping their previous levels.
Investors’ Activity
Egyptians were net sellers triggering EGX’s closing losses for they seized 70.81% of the total market, with a net equity of EGP 31.131 million, excluding the deals.
On the other hand, the non-Arab foreigners and Arabs were net buyers acquiring 21.55% and 7.64% respectively, of the total market, with net equities of EGP 1.829 million and EGP 29.302 million, excluding the deals.
