Ahead of the central bank’s meeting to review the interest rates, Egyptian stocks ended this week lower driven by foreign profit-taking processes incurring losses totaled EGP 1.16 billion. As a result, the benchmark index finished this week below 7145 points.
The Egyptian Exchange (EGX) indices were wavering in red notes on Thursday afternoon.
The Central Bank of Egypt (CBE) will be reviewing interest rates today amid expectations to keep them on hold.
The CBE’s first Monetary Policy Committee (MPC) in 2014 is expected to keep interest rates unchanged at today’s meeting to gauge effect of three cuts on CBE objectives and to leave room for further cuts toward end of fiscal year.
Egypt’s benchmark index EGX30 ended 0.76 per cent lower to 7143.62 pts; while EGX20 finished 0.68 per cent down to 8396.23 pts.
Meanwhile, the mid- and small-cap index, the EGX70 inched down by 1.02% to close at 564.34 pts. The price index EGX100 tumbled by 1.05 per cent to conclude at 958.93 pts.
The capital market has finished this week at EGP 443.460 billion.
Through the closing session of Thursday, the trading volume has reached 323.655 million securities. For the traded value, it hit EGP 752.138 million, exchanged through 34.348 thousand transactions.
Also during the closing session, 186 listed securities have been traded in; 124 declined, 45 advanced; while 17 keeping their previous levels.
The non-Arab foreigners and Arabs were net sellers seizing 5.47% and 5.38% respectively of the total markets, with a net equity of EGP 3.759 million and 837.672 thousand respectively, excluding the deals.
On the contrary, Egyptians remained net buyers acquiring 89.14% of the total market, with a net equity of EGP 4.597 million, excluding the deals.