As Egypt’s Interim Govt Takes Oath, Stocks Lose EGP1.5 bln

Egypt’s stock market has closed lower on Wednesday following the formation of the interim government which has taken oath, preparing to head the cash-strapped country’s transition period. The Egyptian bourse has lost EGP 1.5 billion during the closing session of Wednesday; while the benchmark halt its rally throughout this week to fall below the level of 5350 pts.

The Egyptian Exchange’s indices were wavering in red notes during the closing session of Wednesday.

Egypt’s benchmark index EGX30 fell by 0.26% to close at 5345.25 p; while the EGX20, it declined by 0.50% to end 6218.16 p.

Meanwhile, the mid- and small-cap index, the EGX70 inched down by 0.98% to conclude at 423.51 p.  The price index EGX100 dipped by 0.65% to finish at 730.91 p.

The capital market has closed at EGP 356.172 billion on Wednesday.

Investors’ Activities

Foreign selling pressures have driven EGX’s losses on Wednesday. The non-Arab foreigners and Arabs were net sellers seizing 16.32% 6.11% respectively, of the total markets, with a net equity of EGP 1.092 million and EGP 1.766 million, excluding the deals.

Meanwhile,  Egyptians were net buyers seizing 77.57% of the total markets, with a net equity of EGP 2.858 million excluding the deals.

Higher Traded Volumes & Trades

Through the closing session of Wednesday, the trading volume has reached 111.719 million securities. For the traded value, it hit EGP 312.218 million, exchanged through 17.781 thousand transactions.

Also during the closing session, 168 listed securities have been traded in; 103 declined, 28 advanced; while 37 keeping their previous levels.