Egypt stocks turn down with US$ 497.8m losses on currency uncertainty

Egypt’s stocks concluded lower Monday with losses worth 3.898 billion Egyptian pounds (US$497.8 million), as part of an overall downward trend in the market, which was affected by the lack of clarity in economic policy.

Analyst Ihab Saied, the head of research at Osool for Securities and Brokerage, told Ahram Online that investors were awaiting for clearer policies by the Central Bank in coordination with the government after hiring the acclaimed former CBE governor Tarek Amer in the coordinating council to solve Egypt’s foreign exchange crisis.

No clear policies have been declared since Amer began his tenure as CBE governor on Sunday.

The market capitalisation has recorded 413.001 billion pounds during the closing session of Monday.

Indices

Egypt’s benchmark index, EGX30 dropped 1.87 percent to 6356.65 points.

EGX50 EWI index went down 1.67 percent to 1080.21 points.

EGX20 edged lower 1.82 percent to 6170.21 points.

In addition, the mid- and small-cap index EGX70 decreased 1.47 percent to 344.48 points. The price index, EGX100 sagged 1.29 percent 735.94 points.

Turnovers low

On Monday, the bourse’s trading volume hit 199.007 million securities, with turnovers closed at 364.686 million pounds, exchanged through 14,894 thousand transactions.

Also during the closing session, 166 listed securities have been traded in; 16 declined, 104 advanced; while 41 kept their previous levels.

Investors’ Activities

Arab and foreign investors were net sellers on Monday getting 6.83 percent and 36.26 percent respectively of the total markets, with a net equity of 108,633 thousand pounds and 3.507 million pounds, respectively, excluding the deals.

On the contrary, the local investors were net buyers seizing 56.91 of the total market, with a net equity of 3.616 million pounds, excluding the deals.