Egypt Stocks Sluggish at Open, EGX30 Falls 0.7%

Egypt’s stocks kicked off trading lower on Thursday incurring losses worth 2.2 billion Egyptian pounds driven by local and Arab investors’ profit-taking process. Consequently, the country’s main stock index, EGX30 opened in red below 9370 points.

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

Indices

The Benchmark EGX30 inched down by 0.73% to 9368.8 p, and EGX20 tumbled by 0.99% to 11229.19 p.

In addition, the mid- and small-cap index, the EGX70 plummeted by 1.38% to 650.03 p.  Price index EGX100 pushed down by 1.20% to 1163.17 p.

Furthermore, market capitalization reached EGP 519.521 billion, according to data compiled by Amwal Al Ghad English at 11:20 a.m. Cairo time (09:20 GMT).

Trading Volumes & Values

The trading volume has reached 45.709 million securities worth EGP 187.979 million, exchanged through 7472 transactions during Thursday opening.

Also during the opening session, 128 listed securities have been traded in; 93 fell, 9 advanced; while 26 keeping their previous levels.

Investors’ Activities

Local and Arab investors were net sellers at early trade seizing 87.95% and 4.59% respectively of the total markets, with a net equity of EGP 12.137 million and EGP 659.976 thousand, excluding the deals.

On the other hand, the non-Arab foreign investors were net buyers acquiring 7.46% of the total market, with a net equity of EGP 12.833 million, excluding the deals.