Egyptian stocks switch back into bearish mode, dives 5.26%

Egypt’s stock market sharply dropped on Wednesday with losses  estimated at 10.89 billion Egyptian pounds (US$1.4 billion) driven by foreign selling pressures.

Market capitalisation has recorded 381.869 billion pounds during the closing session of Wednesday.

Indices

Egypt’s benchmark index, EGX30 sank 5.26 percent to 5776.59  points.

EGX50 EWI index dived 3.64 percent to 1042.84 points.

EGX20 plummeted 5.44 percent to 5763.34 points.

In addition, the mid- and small-cap index EGX70 tumbled 3.12 percent to 343.35 points. The price index, EGX100 pushed down 2.76 percent 691.61 points.

Turnovers

On Wednesday, the bourse’s trading volume hit 240.541 million securities, with turnovers closed at 1.440 billion pounds, exchanged through 20,008 transactions.

Also during the closing session, 166 listed securities have been traded in; 124 declined, 14 advanced; while 28 kept their previous levels.

Investors’ Activities

Local and Arab investors were net buyers Wednesday seizing 91.3 and 4.56 percent respectively of the total markets, with a net equity of 19.011 million pounds and 33.086 million pounds, respectively, excluding the deals.

On the contrary, foreign investors were net sellers getting 4.14 percent of the total market, with a net equity of 42.098 million pounds, excluding the deals.