Egypt stocks dip despite Saudi King’s visit

A visit by Saudi King Salman to Egypt has failed to lift Cairo stock market starting a new week of trading mostly in red.

Egypt’s main index went down 1 percent, to 7403.77 points Sunday, amid investor caution prevailing despite the visit by King Salman.

“There are no direct indications yet of grants, aid or central bank deposits by the Saudis to Egypt,” Allen Sandeep, head of research at Cairo’s Naeem Brokerage told Reuters, adding that the market resumed the correction that began after Egypt’s mid-March currency devaluation.

Additionally, EGX50 EWI index slightly rose by 0.39 percent, to 1409.03 points; while EGX20 inched down 1.22 percent, to 7833.1 points.

Mid- and small-cap index EGX70 grew 0.57 percent, to 362.7 points. Price index, EGX100 also increased 0.01 percent to 776.92 points.

Market Caps

Market capitalisation has incurred mild losses worth 304 million Egyptian pounds (around $34.2 million), reaching 403.023 billion pounds during the closing session of Sunday.

Turnovers low

On Sunday, the bourse’s trading volume hit 198.746 million securities, with turnovers closed at 741.492 million pounds, exchanged through 22,172 transactions.

Also during the closing session, 169 listed securities have been traded in 82 declined, 51 advanced; while 30 kept their previous levels.

Investors’ Activities

Local and non-Arab investors were net sellers Sunday controlling 90.06 and 3.07 percent respectively of the total markets, with a net equity of 12.974 million pounds and 7.183 million pounds, respectively, excluding the deals.

On the contrary, Arab investors were net buyers capturing 6.86 percent of the total market, with a net equity of 20.157 million pounds, excluding the deals