Local, Arab Selloffs push Egypt Stock Market Lower

Egypt’s stocks tumbled Wednesday ending trading with losses worth 1.26 billion Egyptian pounds (US$165 million) amid local and Arab investors’ selloff.

The market capitalization has recorded 510.704 billion pounds during the closing session of Wednesday.

Indices:

Egypt’s benchmark index, EGX30 dropped by 0.35 percent to close at 8896.68 points. EGX20 fell by 0.69 percent to 9468.36 points.

In addition, the mid- and small-cap index EGX70 edged lower by 1.12 percent to 490.84 points. The price index, EGX100 also decreased by 0.78 percent to 1005.15 points.

Turnovers still Humble
On Wednesday, the bourse’s trading volume has hit 145.706 million securities, with turnovers closed at EGP 608.461 million, exchanged through 18.433 thousand transactions.

Also during the closing session, 186 listed securities have been traded in; 120 declined, 29 advanced; while 32 kept their previous levels.

Investors’ Activities

Local and Arab investors were net sellers on Wednesday seizing 63.21% and 7.5% respectively of the total markets, with a net equity of EGP 44.851 million and EGP 11.746 million, respectively, excluding the deals.

On the other hand, the non-Arab foreign investors were net buyers capturing 29.29% of the total market, with a net equity of EGP 56.598 million, excluding the deals.