EGX Loses EGP 1 Bln On Saudi Crisis Reprecussions

On Sunday’s closing session, the EGX posted losses of EGP 1.03 billion as the capital market amounted to EGP 351.986 billion over the repercussions of the Saudi Arabia’s decision over shutting its embassy in Egypt and recalling its ambassador for consultations.

The main index, EGX30 went down 0.28% to close at 4920.96 p. EGX20 slumped 0.16% to close at 5834.15 p.

Meanwhile, the mid- and small-cap index, the EGX70 edged down 0.76% to close at 432.16 p. Price index EGX100 fell 0.26% to close at 775.52 p.

Traded volume reached million 71.906 securities worth EGP 256.934 million, exchanged through 16.782 thousand transactions.

This was after trading in 171 listed securities; 109 declined and 18 advanced while 28 keeping their previous levels.

Egyptians were net buyers seizing 94.74% of the total markets, with a net equity of EGP 11.798 million excluding the deals.

The main reason for EGX30’s fall is that the non-Arab Foreigners and Arabs were net sellers seizing 2.39% and 2.86% respectively, with a net equity of EGP 7.206 million and EGP 4.591 million, excluding the deals.

Saudi Arabia has shut Saturday its embassy and consulates in Egypt following protests over an Egyptian man who has been detained in Saudi Arabia.

The Saudi ambassador to Egypt had also been recalled according to local news agency.

Egyptian protesters have demanded the release of human rights lawyer Ahmed el-Gezawi.

He was detained earlier this month on arrival in Saudi Arabia and accused of insulting King Abdullah.