Cairo stocks start week in red over currency depreciation fears

Egypt’s stock market edged lower Sunday with losses worth 1.69 billion Egyptian pounds (US$212million) following the central bank’s move to devalue the local currency for the second time in a week.

The central bank sold dollars at a cut-off price of 7.93 pounds per dollar Sunday, a further 0.10 pounds weaker.

The market capitalisation has reached 453.075 million Egyptian pounds during the closing session of Sunday.

Indices

Egypt’s benchmark index, EGX30 dropped 0.74 percent to 7538.22 points.

EGX50 EWI index went down 0.42 percent to 1259.45  points.

EGX20 declined 0.69 percent to 7234.28 points.

In addition, the mid- and small-cap index EGX70 shrank 0.11 percent to 394.51 points. The price index EGX100 fell 0.43 percent to 850.31 points

Turnovers humble

On Sunday, the bourse’s trading volume has hit 159.386 million securities, with turnovers closed at 845.474 million pounds, exchanged through 14,413 thousand transactions.

Also during the closing session, 201 listed securities have been traded in; 71 declined, 42 advanced; while 82 kept their previous levels.

Investors’ Activities

Local and Arab investors were net sellers Sunday seizing 95.94 percent and 1.24 percent respectively of the total markets, with a net equity of 10.813 million pounds and 1.229 million pounds, respectively, excluding the deals.

On the contrary, the non-Arab foreign investors were net buyers capturing 2.82 percent of the total market, with a net equity of 12.042 million pounds, excluding the deals.