As New Cabinet Sworn in, Egypt Stocks Lose EGP5 billion on Tuesday

Egypt’s stocks closed lower on Tuesday incurring more losses totalling 5.2 billion Egyptian pounds driven by local and Arab investors’ selloffs. In addition, the main stock index, EGX30 went on in red notes to further decline below 8400 points.

Egypt’s new government, headed by the designate Prime Minister Ibrahim Mahlab, has sworn in early Tuesday.

Meanwhile, the EGX indices were wavering in red notes during the closing session of Tuesday.

Indices

Egypt’s benchmark index EGX30 ended 1.47 per cent lower to 8396.82 pts; while EGX20 finished 1.63 per cent down to 10148.29 pts.     
In addition, the mid- and small-cap index, the EGX70 plummeted by 1.29 per cent to end at 591.77 pts. The price index EGX100 pushed down by 1.23 per cent to conclude at 1041.8 pts.  
Furthermore, the market capitalization recorded EGP 482.235 billion on Tuesday.

Turnovers above EGP 1 billion
Through the closing session of Tuesday, the trading volume has reached 282.355 million securities, with turnovers worth EGP 1.125 billion, exchanged through 29.738 thousand transactions.               
Also during the closing session, 186 listed securities have been traded in; 134 declined, 25 advanced; while 18 kept their previous levels.

Investors’ Activities

Egyptian and Arab investors were net sellers seizing on Tuesday 88.66% and 5.66% respectively of the total markets, with a net equity of EGP 9.280 million and EGP 14.733 million respectively, excluding the deals.

On the contrary, the non-Arab foreign investors were net buyers capturing 5.68% of the total market, with a net equity of EGP 24.014 million, excluding the deals.

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