As Anti-Morsi Protests Set for Showdown, Egypt Indices Open in Red

As a planned anti-regime mass demonstration is set for showdown today, Egypt’s stock market has incurred losses of EGP 734 million entitled with investors’ fears of a potential violence that could erupt.

An economic crisis deepened by unrest and political deadlock may spur many less partisan Egyptians to join the rallies, due to start in the afternoon in Cairo. But many, too, are weary of turmoil and are skeptical that the opposition’s demand to reset the rules of the new democracy is better than soldiering on.

The Egyptian Exchange’s indices were wavering in light red notes during the opening session of Sunday.

Benchmark EGX30 dipped by 0.04% to 4683.38 p; while EGX20 fell by 0.29% to 5141.37 p.

On the other hand, the mid- and small-cap index, the EGX70 tumbled by 0.46% to 356.71 p.  Price index EGX100 edged lower by 0.49% to 636.57 p.

The capital market has reached EGP 318.776 billion during the opening session of Sunday, according to data compiled by Amwal Al Ghad English at 11:31 a.m. Cairo time (09:31 GMT).

Trading Volumes & Values

The trading volume has recorded 8.909 million securities worth EGP 25.906 million, exchanged through 1.592 thousand transactions during Sunday opening.

Also during the opening session, 83 listed securities have been traded in; 44 declined, 14 advanced; while 25 steadied.

Investors’ Activities

Egyptians and Arabs’ selling pressures have driven EGX’s opening losses as they were net sellers seizing 50.4% and 1.77% respectively, of the total markets, with a net equity of EGP 2.079 million and EGP 392.662 thousand, excluding the deals.

Meanwhile, the non-Arab foreigners were net buyers seizing 47.83% of the total markets, with a net equity of EGP 2.471 million excluding the deals.