EGX30 Tumbles below 9310 on Sunday on Mubarak’s Verdict

By Yomna Yasser On Nov 30, 2014

Egypt’s stocks closed lower on Sunday incurring losses worth 1.9 billion driven by foreign investors’ selling pressures. Consequently, the country’s main stock index, EGX30 also retreated below 9310 points.

The Egyptian Exchange’s indices were wavering in red notes during the closing session of Sunday, except for the price index, EGX100 which solely increased.

Former Egyptian president Hosni Mubarak, his interior minister Habib El-Adly and his top aides were all found not guilty of killing protesters in the January 2011 uprising.

Mubarak and his two sons were also acquitted of all corruption charges.

Following the verdict, tens of protesters gathered in roads leading into Tahrir Square in Cairo, in rejection of Saturday’s court verdict that acquitted former president Hosni Mubarak of killing protesters during the 2011 revolution. A group of around 300 people gathered in front of the army vehicles and barbed wire that is blocking off the entrance to the iconic square, while a smaller group of around 50 people gathered a few metres away at the Egyptian Museum.

Indices

Egypt’s benchmark index EGX30 ended 0.19 per cent lower to 9307.88 pts; while EGX20 closed 0.38 per cent down to 10829.65 pts.

In addition, the mid- and small-cap index, the EGX70 tumbled by 0.23 per cent to finish at 640.62 pts. The price index EGX100 rose by 0.21 per cent to conclude at 1151.14 pts.
Furthermore, the market capitalization recorded EGP 522.027 billion on Sunday.

Turnovers above EGP One billion
Through the closing session of Sunday, the trading volume has reached 249.125 million securities, with turnovers worth EGP 1.109 billion, exchanged through 27.201 transactions.
Also during the closing session, 191 listed securities have been traded in; 81 declined, 72 advanced; while 32 kept their previous levels.

Investors’ Activities

The non-Arab foreign and Arab investors were net sellers on Sunday seizing 3.86% and 4.78% respectively of the total markets, with a net equity of EGP 5.374 million and EGP 66.133 million, respectively, excluding the deals.

On the other hand, local investors net buyers capturing 91.35% of the total market, with a net equity of EGP 71.507 million, excluding the deals.