Egypt Stocks Tumble at Early Trade on Profit-taking

Egypt’s stocks opened lower on Monday incurring losses worth 1.6 billion Egyptian pounds driven by early profit-taking processes by local and non-Arab foreign investors. Consequently, the country’s mains stock index, EGX30 kicked off trading below 9360 points.

The Egyptian Exchange (EGX)’s indices were wavering in red notes during the opening session of Monday.

Indices

The Benchmark EGX30 inched down by 0.91% to 9358.21 p, and EGX20 tumbled by 0.96% to 1186.25 p.

In addition, the mid- and small-cap index, the EGX70 fell by 0.26% to 652.97 p.  Price index EGX100 dropped by 0.40% to 1161.7 p.

Furthermore, market capitalization reached EGP 518.124 billion, according to data compiled by Amwal Al Ghad English at 11:26 a.m. Cairo time (09:26 GMT).

Trading Volumes & Values

The trading volume has reached 41.553 million securities worth EGP 161.547 million, exchanged through 7042 transactions during Monday opening.

Also during the opening session, 123 listed securities have been traded in; 72 fell, 22 advanced; while 29 keeping their previous levels.

Investors’ Activities

Local and the non-Arab foreign investors were net sellers at early trade seizing 85.93% and 8.01% respectively of the total markets, with a net equity of EGP 1.471 million and EGP 4.426 million, excluding the deals.

On the other hand, Arab investors were net buyers capturing 6.06% of the total market, with a net equity of EGP 5.897 million, excluding the deals.