Egypt’s EGX30 Slumps below 8980 at Open on Foreign Profit Taking

Egypt’s stocks opened lower on Wednesday incurring losses worth 1.2 billion Egyptian pounds triggered by non-Arab foreign investors’ early profit-taking deals. In return, the country’s main stock index, EGX30 retreated below 8980 points.

Meanwhile, the Egyptian Exchange (EGX)’s indices were wavering in red notes during the opening session of Wednesday.

Indices

The Benchmark EGX30 tumbled by 0.35% to 8978.97 p, and EGX20 fell by 0.40% to 10761.16 p.

On the other hand, the mid- and small-cap index, the EGX70 decreased by 0.32% to 626.18 p.  Price index EGX100 dropped by 0.20% to 1112.95 p.

Furthermore, market capitalization reached EGP 505.002 billion, according to data compiled by Amwal Al Ghad English at 11:08 a.m. Cairo time (09:08 GMT).

Trading Volumes & Values

The trading volume has reached 44.175 million securities worth EGP 144.297 million, exchanged through 5498 transactions during Wednesday opening.

Also during the opening session, 113 listed securities have been traded in; 67 fell, 25 advanced; while 21 keeping their previous levels.

Investors’ Activities

The non-Arab foreign investors were net sellers at early trade seizing 5.83% of the total market, with a net equity of EGP 2.835 million, excluding the deals.

On the other hand, local and Arab investors were net buyers capturing 92.07% and 2.11% respectively of the total markets, with a net equity of EGP 1.945 million and EGP 889.933 thousand, excluding the deals.