As Mediation Efforts Fail, Egypt Stocks Lose EGP2 bln by Closing

Ahead of Eid El-Fitr holidays, Egypt’s stocks have ended this week holding losses totaled EGP 2.15 bln following the presidency’s announcement that the mediation efforts to end the ongoing political crisis failed.

The main gauge closed in red below 5620 pts.

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

Egypt’s benchmark index EGX30 inched down by 0.18% to close at 5616.38 p; while the EGX20 fell by 0.43% to end at 6508.05 p.

Meanwhile, the mid- and small-cap index, the EGX70 pushed down by 1.29% to conclude at 431.44 p.  The price index EGX100 sagged by 0.88% to finish at 743.54 p.

The capital market has closed the week at EGP 364.473 billion on Wednesday.

Efforts to Reconcile Failed

Egypt’s presidency said on Wednesday that diplomatic efforts to end the country’s political turmoil had failed and warned that the Muslim Brotherhood of ousted President Mohamed Morsi would be held responsible for the consequences.

In a statement, interim President Adly Mansour’s office said the period of international efforts that began more than 10 days ago had “ended today”.

The state held the Muslim Brotherhood completely responsible for “the failure of these efforts and the later events and developments that might result from this failure related to breaches of the law and endangering civil peace”, it added.

The breakdown raised the prospect of heightened instability and bloodshed in the largest Arab state which has a peace treaty with Israel and controls the strategically vital Suez Canal.

Traded Volumes & Trades

Through the closing session of Wednesday, the trading volume has reached 89.532 million securities. For the traded value, it hit EGP 363.114 million, exchanged through 15.712 thousand transactions.

Also during the closing session, 166 listed securities have been traded in; 85 declined, 48 advanced; while 33 keeping their previous levels.

Investors’ Activity

Egyptians remained net buyers seizing 73.79% of the total market, with a net equity of EGP 36.077 million, excluding the deals.

On the other hand, the non-Arab foreigners and Arabs were net sellers seizing 19.73% and 6.48% respectively, of the total market, with net equities of EGP 23.282 million and EGP 12.794 million, excluding the deals.