Despite MSCI News, Egypt Bourse falls 0.25% on Luxor Bombing

Egypt’s bourse fell Wednesday following a suicide bombing targeted the ancient Karnak temple in Luxor. The stocks incurred losses worth 1.2 billion Egyptian pounds (US$157.2 million).

Witnesses and security sources say at least four people have been injured in a suicide bombing in a car park next to the Kamak Temple in Luxor, southern Egypt.

Three alleged assailants are said to have been killed, although no group claimed immediate responsibility for the attack.

The Egyptian stock market turned down early gains backed by the index compiler MSCI’s latest report that indicated it had no plans to downgrade the country.

The market capitalisation has hit 490.888 billion pounds during the closing session of Wednesday.

Indices

Egypt’s benchmark index, EGX30 went down by 0.25 percent to 8639.43 points. EGX20 also fell by 0.37 percent to 8868.3 points.

In addition, the mid- and small-cap index EGX70 dropped by 0.60 percent to 450.14 points.

The price index, EGX100 decreased by 0.71 percent to 954.65 points.

Turnovers below One Billion Pounds

On Wednesday , the bourse’s trading volume has registered 129.689 million securities, with turnovers closed at EGP 755.982 million, exchanged through 19.898 thousand transactions.

Also during the closing session, 169 listed securities have been traded in; 81 declined, 42 advanced; while 43 kept their previous levels.

Investors’ Activities

Arab investors were net sellers on Wednesday seizing 5.42% of the total market, with a net equity of EGP 45.181 million, excluding the deals.

On the contrary, Egyptian and non-Arab investors were net buyers capturing 80.46% and 14.11% respectively of the total markets, with a net equity of EGP 22.980 million and EGP 22.200 million, respectively, excluding the deals.